Jerry Samet
08-12-2013, 11:05 PM
The market got off to a weak start today, but quickly recovered and rallied into the close to finish near the highs of the session. The small caps led the was with the RUT up .50%, followed by the COMPQ which was up .27%. The New York averages closed slightly down on the day. Volume was lower across the board, which is not unusual in late summer. Leading stocks were pretty flat along with the major averages. The leaders index was up .20% on higher and slightly above average volume. The index along with the major averages remain stuck in the recent trading ranges they have been in for the last two or three weeks. It appears that the summer doldrums have set in with many market participants away on vacation. A few stocks are producing nice gains, such as LNKD and TSLA, but few are producing strong gains. We will have to see which way the market breaks from this consolidation and that will tell us if this rally will resume. Jerry