Jerry Samet
09-19-2014, 01:06 AM
The market had a solid rally today with the major averages opening higher and staying strong throughout the session. Late strength had all the major averages closing at their intraday highs and the SPY made a new closing high. The COMPQ was up by .68% while the SPY climbed .49%. Volume was about flat, slightly higher on the New York and a bit lower on the Nasd. Leading stocks were up a bit more than the overall market with the leaders index higher by .90% on lower and well below average volume. The index remains just below it’s declining 9dma. We must see the index advance above it’s short term moving averages on strong volume. Right now the index is starting to take on a bit of a wedging look. The new high in the SPY caused IBD to call the rally resumed, but it still doesn’t have the feel of a strong market. Meaningful moves in individual stocks remain rare and until that changes it will be difficult to make real progress in the current rally. Jerry