Jerry Samet
06-17-2014, 11:40 PM
The market had a solid up session today. It opened strong and then held the gains for the rest of the day. All the major averages closed at or near their highs of the day with the COMPQ leading the way by rising .37% while the SPY was up .22%. Volume was higher across the board, so it was an accumulation day for all the major averages. The small caps again had the strongest gains with the RUT higher by .84% while the MID closed at new highs. The real story was the SOX as it again made new highs and is in a strong advance. Leading stocks had a good day as well with the leaders index up by 1.13%. Volume was a bit lower than yesterday, but the index made new highs on both a price and a relative strength basis. The fact that quality growth stocks are outperforming the overall market is a good omen for a continuation of the rally. The SOX also tends to be a leading indicator for the general market, especially the Nasd averages. This index is showing unusual strength by being up eighteen of the last nineteen days. Today was an encouraging session and although the Fed announcement tomorrow will affect the market it looks like the market wants to go higher. Jerry