Jerry Samet
08-07-2012, 10:48 PM
The market had another solid up day today as the major averages rose between .39% and .87% on the day. The difference was the volume. It was up across the board and well above average on the Nasd. This is different from the last few days and goes a long way toward reducing concern about a wedging rally. The major averages also set new highs for the move and the pattern of higher highs is intact. Leading stocks slightly outperformed the overall market with the leaders index rising .84% on higher but still below average volume. The index also set new highs on both a price and an RS basis. The current rally seems to gathering some steam and looks like it is on solid ground for now. Jerry