Jerry Samet
03-23-2013, 12:05 PM
The market had a solid up day yesterday, pretty much reversing the decline of the day before. The major averages rose between .62% on the NYA and .72% on the SPX. Volume was mixed, up very slightly on the Nasd and down a bit on the NYSE. They were higher all day and finished at the top of their trading ranges. Leading stocks rose about in line with the overall market as the leaders index climbed .81% and also closed near the top of it’s intraday range. Volume on the index was slightly lower than Thursday and well below average. The market is holding up fairly well and both the major averages and the leaders index have been going side ways for the last few weeks. Few quality stocks are producing large gains, although there have been good recent breakouts in stocks such as FLT. Distribution days are building and this is a concern along with the weekly Coppock. The indicator has flattened out this week and next weeks action will likely tell which way it will go. The fate of this rally really depends on which way the market breaks from this recent consolidation.Time will tell. I will be away early next week and the updates will resume when I get back. Jerry