Summer Rally Contiues on Lower Volume

NEW YORK (TheStreet) --What a great Monday with all our 11 stocks really moving well to start the week off.

Of course, it helped that InterMune (ITMN) , which I bought recently, ran up some 35% on the news of a buyout by Roche (RHHBY) for $8.3 billion. We remain in a strong market that has yet to show me any sign of stopping.

Now that I've got a heavy weighting in stocks once again, I've just got to sit tight until there are signs of a top being in place.

Courtesy of StockCharts.com

A great day for the SPDR S&P 500 (SPY) exchange-traded fund as it moved and held past the 200 level well. I'd love to see more volume but it is still August so many traders remain on holiday.

The S&P touched 2000 but couldn't hold above it yet, but I don't think it will be long until reach 2000 on a more permanent basis.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

At the time of publication, the author was long ITMN, although positions may change at any time.

More from Opinion

Why Ether and Ripple -- But Not Bitcoin -- Prices Might Come Under Pressure Soon

Why Ether and Ripple -- But Not Bitcoin -- Prices Might Come Under Pressure Soon

Daily Chatter: Here's Where the Markets Stand After Tuesday's Beating

Daily Chatter: Here's Where the Markets Stand After Tuesday's Beating

3 New Investing Myths That Must Be Busted

3 New Investing Myths That Must Be Busted

Why a Global Stock Market Crash Is Coming

Why a Global Stock Market Crash Is Coming

Sears CEO Eddie Lampert Looks Like He Is Sucking Company Dry

Sears CEO Eddie Lampert Looks Like He Is Sucking Company Dry