Jerry Samet
06-28-2011, 11:34 PM
The market had a good rally on a price basis today with the major averages up between 1.25% and 1.5%. Volume was slightly lower across the board and we did not get an FTD on the Nasd because volume was lower. There has been little volume on the upside during this rally attempt, showing that institutions are not aggressive buyers. The leaders are doing better than the major averages and the leaders index rose 3.04% today on higher but still well below average volume. The index broke above the 50dma and the RS line is acting well. This shows that high quality stocks are outperforming, but there is little conviction there either. We had a Eureka signal today and the %E's are in the proper range. The Weekly Coppock is still headed down. The major averages are still below their 50dma's, and we have to see them break above this resistance level on volume to get really interested in the market. A convincing FTD would help also. Jerry