Jerry Samet
11-13-2014, 10:01 PM
The market opened strong today with the major averages showing solid gains early. This didn’t last as the market started to sell off after less than two hours. It was mostly down hill from there, although some late strength allowed the major averages to close off their lows and with small gains. The COMPQ was up .11% while the SPY was higher by .05%. They closed about in the middle of their intraday ranges. Volume was higher across the board but was still below average. Even though the major averages closed with small gains the action today had the feel of a reversal day. The COMPQ staged a stalling day so there was distribution on the Nasd averages. Leading stocks had a mixed day as well with the leaders index off by only .06% on higher and above average volume. The index closed in the lower half of it’s trading range but the small loss means there was no distribution. The index is right on it’s 17dma. The action of the overall market and quality growth stocks has been a little sloppy lately. There has not really been any serious damage done and the trend is still higher, but it would be good to see more strength in the leading stocks and have the leaders index move into new high ground along with the major averages. Jerry