Jerry Samet
02-12-2014, 09:12 PM
The market took a rest today with the New York averages lower all session and the Nasd averages higher. The COMPQ was strongest with a gain of .24% while the SPY was essentially flat. The major averages seem to be consolidating recent gains well. After the recent sharp advance it would probably be good for the major averages to take it easy for a few days. For the first time in a few sessions the market didn’t finish at it’s intraday highs. The COMPQ closed in about the middle of it’s range while the SPY was near the bottom. Volume was mixed, higher on the Nasd and lower on the New York. It is good that the higher volume accompanied higher prices. Leading stocks were up a bit on the day as the leaders index rose .31% on lower and below average volume. The index made new highs on both a price and a relative strength basis. There was a stalling day on the COMPQ today, but it didn’t really feel like there was real selling. However, distribution this close to a follow through is not good. For now it looks like this new rally attempt is alright but I wouldn’t get to aggressive yet. I will be away for a few days, the updates will resume next week. Jerry