Jerry Samet
04-03-2014, 11:16 PM
The market pulled back today with modest declines in the New York averages and larger declines on the Nasd averages. The COMPQ led the way lower by falling .91% while the SPY was off by only .11%. Volume was lower across the board so there was not a lot of selling pressure by large players. A late rally took the major averages off their intraday lows, but the COMPQ still finished near it’s lows while the SPY closed in about the middle of it’s trading range. Leading stocks did worse than the overall market with the leaders index falling 2.19% and finishing near it’s lows of the session. Volume on the leaders index was much lower and well below average, so there was not a lot of selling pressure here either. The big red candle on the day though is not what you want to see. The New York averages made new intraday highs today but couldn’t hold them. An interesting item is that the SOX made a 52 week high. The New York averages have not done much since their new highs triggered a rally resumption and the roster of quality stocks in buyable position is thin. This rally attempt has yet to really prove itself and until it does and more stocks position themselves for buys it is probably a good idea to be a bit careful. Jerry