Jerry Samet
01-29-2015, 11:12 PM
The market had a positive reversal session today that reversed yesterday’s reversal. After a little weakness early the market started rallying after about an hour and a half and continued for the rest of the session. Late strength allowed all the major averages to finish at their intraday highs. Volume was up slightly on the Nasd and was up fractionally on the New York, but it was close enough to vary by data feed. The COMPQ was higher by .98% and the SPX rose .95%. Leading stocks were also positive on the day with the leaders index rising 1.93%. It finished at a new closing high and at the top of it’s trading range. Volume was very strong on the session and well above average. A lot of the gain was due to a 13.64% gain in CMPR after a good earning report, but most of the stocks in the index showed gains today. The index is showing strength because several stocks have had big gap ups on earnings reports. It is at a new high on both a price and a relative strength basis. This is a very tough market. There are reversals on almost a daily basis and unless you are a very short term trader and very good at it you will not make any progress. Until the direction is more clear playing it safe is a good idea. Jerry