Jerry Samet
07-07-2011, 11:26 PM
The market had another strong move today and the major averages look poised to take out the late May highs. In fact the Nasd 100 did make a new high today. Volume was higher across the board, but still below average. The market is clearly overbought but will not correct. That is a sign of a market that wants to go higher. The leaders were up again today, with the index rising .41%, less than the major averages but enough to surpass the old highs. The 17dma is also now on the verge of crossing up through the 50dma, another bullish sign. Most indicators are pointed up, but I am looking now at the A's-E's/Total as a signal of a correction. It turned up June 21 in a timely signal and is very sensitive to distribution. I think it will give an early warning of a correction. Jerry