AS OF MONDAY's CLOSE

The DJIA has closed up 19 out of the past 24 days since late February, while the NASDAQ 100 has closed up 20 out of the past 24 days and 27 out of 36 days since the February 4 closing low. According to David Rosenberg, the market has gone 24 sessions without a decline of 1% or more, and 89% of the stocks in the S&P 500 are now trading above their 50-day moving averages. Yet NYSE volume levels since at least October remain "punk." There are no sellers, at least not yet, nor is there a strong impetus to buy, both illustrated by the contracting levels of the 10-day NYSE a/d and up/down volume oscillators.