Jerry Samet
08-23-2014, 11:51 AM
The market had a pretty quiet mixed session on Friday. In a reversal of recent days the Nasd averages outperformed the New York averages. The COMPQ ended near the top of it’s intraday range with a gain of .14% and the NDX had a similar gain. Both set new multi year highs. The SPY ended lower by .20% and finished in the lower half of it’s trading range. Volume was lower across the board , which is not unusual on a Friday in late summer, so there was no distribution on the New York averages. Leading stocks outperformed the over all market with the leaders index rising 1.14% on higher but still well below average volume. The index closed near it’s highs of the session and continues to hold above it’s short term 9dma. The index continues to consolidate it’s recent gains in a pretty constructive manor. It has been going side ways all week as it allows it’s important moving averages to catch up to it’s recent price moves. The rally remains intact for now, although few stocks are producing really meaningful gains. We are rallying so the long side is the place to be, but expectations should be kept modest. Jerry