Bruce: while I would agree with the assessment, I wonder what your thoughts on the transports might be.  I think the current rally was somewhat inevitable as stocks were deeply oversold (as you mention) and sentiment was very bearish (i.e., bull signal); in my opinion these factors limited the downside since mid- August.  But what concerns me is that each and every rally from Feb 2007 onward has been narrower and narrower and started without more than a pullback - this market really hasn't corrected. 

So back to the my original question: what would you think of a rally in stocks without the involvement of the transports?  Or any recent leaders like energy?