Jerry Samet
11-03-2014, 10:26 PM
The market traded in a fairly tight range today before finishing mixed. The Nasd averages were a bit higher while the New York averages declined slightly. The COMPQ closed higher by .18% while the SPY was lower by .01%. All the major averages closed in the lower half of their intraday ranges. Volume was lower across the board, which is good when the market is consolidating a recent advance. Leading stocks were little changed as well with the leaders index declining .22% on slightly higher and above average volume. The increase was heavily due to a very large increase in volume on ORLY. The index closed in the upper half of it’s intraday trading range, a sign of support. Quality growth stocks are generally acting well as there were some fresh breakouts today. Generally the day’s action was pretty constructive and the rally remains intact. Jerry