Jerry Samet
07-18-2013, 10:34 PM
The market had a bit of a struggling rally today with the major averages showing decent gains, although they closed well off their intraday highs. The COMPQ was weak due to losses in tech stocks after INTC and EBAY disappointed after the close yesterday. That is likely to continue, at least at the opening, tomorrow as GOOG and MSFT both missed earnings estimates after the close. The New York averages did better with the SPY up .50% and the NYA .67%. The small caps again lead the way with the RUT gaining .74%. Volume was higher across the board and with the COMPQ closing at the bottom of it’s intraday range. This produced a stalling day on the COMPQ. Leading stocks did better than the overall market as the leaders index rose 1.73% on lighter and below average volume. The index, along with the major averages, is showing more distribution than accumulation as the higher volume is coming in on down days rather than up days. There were some interesting breakouts today, such as LNKD, OSTK, and BX. This is encouraging, but the market seems to be struggling as it drifts higher. The rally is intact, but more conviction on the upside would make me feel more comfortable. I will be away this weekend, the updates will resume on Monday. Jerry