Jerry Samet
09-17-2013, 11:14 PM
The market opened higher today and held on to it’s gains. The major averages had solid rallies and closed at their highs of the session. The COMPQ lead the way as it gained .75%, while the NYA brought up the rear with a .36% rally. Volume was about flat on the Nasd and declined 9.85% on the New York. The COMPQ and NYA had new closing highs while the SPY closed a bit below it’d high. Leading stocks had a good session as the leaders index rose 1.32% on higher and slightly above average volume. The index tagged it’s 9dma again and and closed well above this moving average at it’s highs of the day. Many high quality stocks had strong up days and regained all or more of the hits they took yesterday. I said that after yesterday’s reversal we needed to rally quickly to eliminate yesterday’s action. We did that today with both leading stocks and the major averages having positive days. The results of the Fed meeting will be revealed tomorrow and that will set the tone for the day’s action and possibly the direction of the market, but things are looking pretty good right now. Jerry