Jerry Samet
06-05-2014, 12:00 AM
The market had the most encouraging session since the follow through last week. After early weakness the major averages rallied back and closed near their intraday highs. The COMPQ led the way higher with a gain of .41% while the SPY was up by .19%. Volume was slightly lower on the New York and so close on the Nasd that different data feeds could have different results. Leading stocks had a good day as well with the leaders index up by 1.65% on lower but still well above average volume. The index seems to have broken out of it’s consolidation of the last three days and is now in new high ground. This is a positive sign and maybe quality growth stocks are beginning to get some traction. The SPY went into new high ground today and it was joined by the NDX. It broke out of a cup and handle base today. The COMPQ looks like it broke out of a handle half way up the right hand side of the cup. Nasd averages might be starting to move again which would be an encouraging sign. The SOX going into new high ground again shows the tech stocks are showing signs of life. Today’s action improves the overall picture and makes it safer to buy positions, but I would still not get to carried away. Jerry