Jerry Samet
11-11-2014, 11:13 PM
The market had a pretty quiet holiday session today. The major averages had a generally positive trend today with the major averages posting small gains and finishing at their intraday highs. The COMPQ was up by .19% while the SPY gained .07%. They all made new highs for the move, a positive sign. Volume was lower and below average as would be expected on a Veterans Day holiday when many players are away. Leading stocks had an overall lower session with the leaders index declining .70% on lower but slightly above average volume. The index closed near it’s intraday high but below it’s opening price. It is again a bit below it’s important 17dma and is dancing around with this moving average. The market continues to work it’s way higher and the major averages are looking solid. Under the surface it looks a bit less rosy. Quality growth stocks are under performing the over all market as can be seen in the relative strength line of the leaders index. The advance/decline lines of the exchanges are also weak showing that the gains are being produced by fewer and fewer big cap stocks. We must see the leaders index start to do better than the major averages to correct this situation. Jerry