Jerry Samet
07-04-2012, 11:51 AM
The market closed strong yesterday after being up most of the day. The major averages finished the day at their highs and at highs for the last couple of months, which shows strength. Volume was very low due to the holiday shortened session. The shorter term moving averages are close to breaking above the 50dma which would be another sign of market strength. The MEM got another buy signal on Friday which brings the count to +3, or 75% invested. Leading stocks continued to act well with fresh breakouts in stocks like GNC in the last couple of days. The leaders index rose .34% to set a new high for the rally. Volume was also very low due to the July 4th holiday. The employment report on Friday could derail the rally, but we may be in a good news is good and bad news is good situation as a weak report could raise hopes of a Fed easing move. The are still many perils out there, but the market seems to want to go higher. Jerry