Jerry Samet
07-30-2013, 11:14 PM
The market started off strong today, but lost much of those gains. The New York averages finished flat on the day while the COMPQ led the way with a .48% gain on the session. This was well off the highs of the day and in the lower half of it’s trading range but was good for a new intraday high. Volume was higher across the board, which was a positive sign for the COMPQ, although the SPY just missed a stalling day. Leaders were again mixed as the leaders index declined 1.01% on higher and well above average volume. Much of this loss was caused by AFOP and AMBA . This has been a pattern lately as break downs are accompanied by new breakouts in stocks such as GTLS , CVLT and FB. The rally is still intact although neither the major averages of leading stocks have made much progress in recent days. The leaders index continues it’s consolidation and maybe news ranging from the Fed announcement tomorrow to the employment report on Friday will get it moving again. Jerry