Jerry Samet
11-04-2014, 11:25 PM
The market had a fairly quiet session ahead of the mid term elections today. There was general weakness in the session, but it was fairly mild. The COMPQ was lower by .33% while the SPY declined .28%. Volume was mixed, lower on the Nasd and higher on the New York. This means that the decline on the Nasd averages was to small for distribution, but the New York averages did have distribution today. All the major averages closed near the top of their intraday ranges, a sign of support. Leading stocks were weaker as well with the leaders index falling .43% on higher and above average volume. This showed distribution on this index of quality growth stocks. The index closed in the lower half of it’s intraday range, but it held it’s short term 9dma. The fact that the index has been able to keep above this moving average as it has been consolidating it a positive sign. There are still very few distribution days and leading stocks, while not lighting any fires, are acting pretty well. The A’s minus E’s are also very favorable right now. We are in a seasonally positive period right now and so far the rally is on solid ground. I am not expecting big things from this move, but it clearly appears that there is some money to be made. Jerry