Jerry Samet
03-13-2012, 11:36 PM
We had a strong rally today with the major averages rising about 1.8% on heavy volume. Good economic news and a positive reaction to the Fed announcement sent the market higher from the open and rallying into the close to finish at the highs of the day. We finally had the volume that was missing in the rebound from last week's early break and that puts the rally on more solid footing. All the major averages broke to new highs for the move. There was a B7 accumulation day buy signal that takes the count to +4 or 90% invested. This was confirmed by a Eureka signal and Dr. K's model going to a buy signal. Leading stocks were very strong today with the leaders index up 2.57% on very heavy volume. Both the index and it's RS line set new highs. New breakouts, such as VMW, SAVE, and CELG continue to occur and prior breakouts are making new highs. We are clearly in a strong rally that has further to go and the long side remains the place to be. Jerry