Last week the NASDAQ had 58 billion shares traded on the weekly, with 49 billion shares traded on one day. Even with this huge buy spike the NASDAQ was only up 320pts for the week. Can you explain what possibly was going on, was short coverings that caused the massive buy spike, or something else. I have never seen a buy spike that impressive.

The NASDAQ occasionally has spikes up like that but it's not out of line with history (see the black boxed area on the chart below). But what stands out to me is 1) the NASDAQ is very FAR above its 200-week moving average and therefore at a HUGE risk of a MAJOR correction lower and 2) while the NASDAQ hit new highs recently, the Dow, S&P500, Russell 2000 small cap index, Dow Transports or Dow Utility average didn't come near their highs. So since the rally wasn't broad-based, the NASDAQ will likely have a major reversal (like it started today). The recent spike was likely just a thrust higher due to the momentum traders and algorithmic traders, etc.