Jerry Samet
09-05-2013, 11:18 PM
The market opened higher today and then traded in a tight range for the rest of the session. The major averages closed mid range to the lower half of their trading ranges, with the COMPQ again leading the way with a .27% gain and the SPY climbing .12%. Volume was lower across the board as would be expected on a Jewish holiday and the day before an employment report. Leading stocks generally performed about in line with the overall market as the leaders index rose .11% on very light volume. The index remained in it’s recent trading range with the RS line bouncing along it’s highs. A fair number of quality stocks are forming bases during this consolidation and the very best, like LNKD, FB, and YELP and breaking into new high ground. We are still stuck in this trading range on both the major averages and the leaders index, but the under the surface tone of the market continues to look fairly solid. We remain in a correction and need a real follow through day to officially get things going, but if you choose carefully and stick with the best of the best you might be able to make some progress in the current market. Jerry