Jerry Samet
05-18-2013, 11:46 AM
The market had another strong advance yesterday with the major averages rising about one percent on volume that was down slightly from the day before. The volume level was surprising considering it was an expiration day. All the major averages made new highs for the move and on an all time or multi year basis. Leading stocks did slightly better than the overall market with the leaders index rising 1.28% on higher and above average volume. The rally is in full force now, although individual stocks are doing well few are showing large gains. The market is taking on the look of a blow off phase. We are late in both the current rally and the cyclical bull market and the major averages are starting to look expediential. These phases can go on a long time and should be ridden while they last, but keep in mind that when they end it can also happen quickly. Ride the bull, but keep a close eye on the exits as well. Jerry