Jerry Samet
09-17-2014, 11:17 PM
The market had a bit of a wild ride today, which is not unusual on the day of a Fed announcement. After opening little changed the major averages sold off into the the announcement. A rally took the market to intraday highs before a late sell off cut into the gains. The major averages closed with modest gains, with the COMPQ up by .21% and the SPY higher by .13%. Both finished about mid way between their intraday ranges. Volume was mixed, slightly lower on the Nasd and up a bit on the New York. Leading stocks about mirrored the overall market and produced small gains on the day. The Leaders index rose .26% and closed in the middle of it’s trading range. Volume was lower and below average, showing little real buying pressure on the session. The index tried to get above it’s declining 9dma but was unable to close above this short term moving average. It must get back above the 9 and 17dma’s to really improve the chart. Today’s action did little to shed light on the near term direction of the market. A move in either direction on real volume will tell us which way it is headed. Jerry