Jerry Samet
10-30-2014, 10:59 PM
The market opened with small gains today but spent the rest of the session gaining steam. It was a solid up day with all the major averages showing gains and closing near the top of their intraday ranges. The COMPQ was higher by .37% while the SPY gained .62%. Both major averages made new highs for the move, a positive sign. Volume was lower across the board so large institutional players were not heavily involved. Leading stocks were higher as well with the leaders index up by .55% on lower but still well above average volume. The index traded below the 9dma during the session but closed comfortably above this short term moving average. The index has ridden this moving average since the follow through, which is what you want to see in quality growth stocks. The market seems to want to go higher as both the major averages and leading stocks are doing well. As long as this continues the long side is the place to be. Jerry