Jerry Samet
07-23-2014, 06:48 PM
The market built on yesterday’s action with moderate gains today. The Nasd averages led the way with the COMPQ higher by .40% and the NDX up by .62%. The SPY gained .18% on the session. All the major averages closed at their intraday highs, a sign of strength. Volume was mixed on the day. It was higher on the Nasd, which combined with the price gain showed that large players were buying Nasd stocks. The volume on the New York was very close to yesterday(according to esignal) so we can see what IBD says. Leading stocks were mixed today with the leaders index about flat with a gain of .03%. Volume was higher than yesterday and also well above average. This high volume without price progress is something to watch. The SPY and the NDX are in new high ground and IBD may well go back to confirmed rally. This also shows that the action is in big cap stocks right now, which is common late cycle action. The picture improved a bit again today and some increased exposure to the market is warranted. Jerry