Jerry Samet
07-08-2013, 11:11 PM
The market had a reasonably solid up session today and while the major averages closed off their intraday highs the New York averages finished with gains of about a half of one percent while the COMPQ had a .16% gain due to weakness in the semiconductor stocks. Volume was higher across the board from Friday’s light holiday figures but still well below average, so there was not a lot of conviction in the advance. Leading stocks underperformed the overall market as the leaders index had a small loss, declining .16% on higher but still below average volume. The index is still struggling to get above it’s 50dma and it’s RS line has broken below it’s 50dma. The market is still having problems advancing with conviction, but the last few days have shown improvement. The major averages have all cleared their downtrend lines and their 50dma’s, but today’s action produced a stalling day, which is not a positive sign. The market could go either way at this point so the next few days should give us more evidence. Jerry