Jerry Samet
06-11-2014, 11:42 PM
The market sold off today from the open. It was blamed on the World Bank cutting it’s growth forecast, but after the recent advance a pull back is not unusual. The COMPQ held up best and after early weakness it rallied to close off only .14%. The SPY was weaker and was down .35% on the session. The COMPQ closed at it’s intraday high while the SPY closed near it’s intraday low. This shows more strength in tech related stocks. This was reinforced by the SOX, which climbed .52% today to reach another high. IBD had volume down across the board today, but esignal showed it higher on the Nasd and up .28% on the New York. The COMPQ had to small a decline to qualify as distribution anyway and the New York volume was so close that different data feeds could have different results. Leading stocks had a better day than the overall market with the leaders index higher by .47%. It closed right on it’s 9dma and volume was higher than yesterday’s decline. Today’s action had a fairly controlled feel to it and little actual damage was done to either the major averages or the leading stocks. This is a late cycle rally and is the kind of market where you try for singles and not home runs. Jerry