Jerry Samet
07-25-2013, 10:59 PM
The market had a solid up day today as the COMPQ lead the way with a .71% increase and the SPY brought up the rear with a gain of .26%. The small caps continued to lead the rally with a gain of .99%. Volume was mixed, a bit lower on the New York but a significant gain for the Nasd. This produced the first accumulation day in quite a while. All the major averages closed at their intraday highs, which added to the buying pressure. Leading stocks has a good session as well as the leaders index rose 1.20% on higher but still below average volume. The index continues to consolidate and is testing it’s 17dma. It should hold this important moving average and move higher on above average volume to keep the rally intact. This was a good day overall, but you would want to see all the major averages rally on strong volume. I watch the A’s minus E’s to see when the market is showing internal distribution. The indicator flattened out today after turning up and giving a buy signal on 6/27. If they turn higher it will be a very positive sign for the future of the rally, but if they roll over it will be a big red flag. Jerry