Jerry Samet
02-03-2015, 11:02 PM
The market had a solid rally session today as the major averages opened higher and gained ground through out the day. Late strength saw the major averages close at their intraday highs. The New York averages led the way with the SPX gaining 1.44% and the COMPQ up by 1.09%. Volume was higher across the board and above average. This showed that institutional players were buyers today. Leading stocks did not keep up with the overall market. The leaders index was up only .15% on lower and about average volume. The index closed in the upper half of it’s intraday trading range but slightly below it’s opening price, producing a red candle. The fact that quality growth stocks didn’t rally along with the overall market is cause for concern. While it was a good up day for the major averages we have seen days like this go nowhere before. They are still mired in their recent trading ranges and the charts don’t look like anything to get excited about. There has to be more positive action to really improve the picture. Jerry