Jerry Samet
02-28-2013, 02:10 AM
The market was strong again today on a price basis as all the major averages had good up moves and closed near the top of their trading ranges. Volume was again disappointing as it was lower across the board. This continued the recent pattern of high volume sell offs followed by lower volume rebounds. The charts of the major averages look good, but the lack of conviction on the up days is troubling. If this continues the market will take n a wedging look. Leading stocks showed some strength as the leaders index rose 1.80%, more than the overall market. Volume on the index declined again and was well below average. This mirrored the major averages and is not a positive sign. There have been a few quality stocks acting well in the last few days. There are four stocks I think are particularly worth watching. LNKD, AWAY, SLCA, and OPEN have all broken out in recent days. If these stocks can rally it will be positive for the market. If not, the market will have a hard time going anywhere. Jerry