Jerry Samet
05-09-2013, 11:06 PM
The market had a minor reversal today. After being up early the major averages sold off and closed down slightly on the day. Volume was mixed, up slightly on the Nasd and down slightly on the New York. All the major averages closed near the lows of the day and there was no new distribution as the COMPQ declined only .12%. Leading stocks did better than the overall market with the leaders index rising .45% on much higher volume. There were volume spikes in GMCR, which had a buyable gap up on earnings and SSNC which sold off on very heavy volume. The index had a new closing high on both a price and an RS basis. We are due for some consolidation or a mild pull back after the recent advance and today’s action didn’t do much damage. Unless we see further weakness with some volume the rally would seem to still be ok. Jerry