Jerry Samet
02-24-2014, 11:08 PM
The market opened strong and held it’s gains for a few hours. It had a late sell off and lost much of it’s gains. The major averages closed in about the middle of their intraday trading ranges. All the major averages closed with similar percentage gains. The COMPQ gained .69% while the SPY was higher by .62%. Volume was higher across the board, which is positive when the market is advancing. Both the COMPQ and the SPY set new intraday highs for the move. Leading stocks had a good session as well with the leaders index rising 1.33% on higher and slightly above average volume. The index also closed in about the middle of it’s intraday trading range. It set new highs on both a price and a relative strength basis. It has been rising comfortably above it’s 9dma for two weeks, which shows a lot of strength. The rally continues to be on solid footing and the proper thing to do is to hold quality stocks and EFTs that are acting well. Jerry