Jerry Samet
02-23-2012, 11:13 PM
The market started off a bit weak today but then rallied for the rest of the day. The major averages rallied into the close to finish at the highs of the day and all are above their 10dma's. Volume was up slightly across the board. This continues the pattern of positive action with the market higher on rising volume and lower on declining volume. Leading stocks outperformed again with the leaders index rising 1.2% on higher and above average volume. The index and it's RS line hit new highs for the move and the 9dma again provided support. We remain overbought and the market refuses to have even a small correction. The rally is still in good shape. Jerry