Jerry Samet
08-21-2014, 11:14 PM
The market continued it’s slow advance today. The major averages all closed in positive territory and at their highs of the session. The New York averages again led the way with the SPY up by .29% while the COMPQ rallied .12%. Both made either all time or multi year highs. The small and mid cap stocks also built on recent gains. Volume was mixed. Slightly higher on the New York and a bit lower on the Nasd. Many market participants are away now so the light volume will likely continue through Labor Day. Leading stocks continued to consolidate recent gains with the leaders index losing .50% on the lowest volume in months. The index tagged it’s 9dma but closed well above it. After it’s recent advance it would not be unexpected to see the leaders index allow it’s moving averages time to catch up. Few leading stocks are producing really meaningful gains right now so making progress in a trading account is difficult. Positions should be taken carefully. Jerry