Jerry Samet
02-11-2015, 11:14 PM
The markets ended mostly flat today. After opening a bit higher the major averages sold off and had some decent losses before a late rally allowed them to close near their intraday highs. The New York averages were mostly flat while the Nasd averages posted modest gains. The COMPQ climbed .28% while the SPX was essentially flat. Volume was mixed, higher on the Nasd and slightly lower on the New York. Leading stocks were a bit higher as well with the leaders index up .32% on higher but still below average volume. The index remains above it’s short term 9 and 17dma’s, The relative strength line of the index against the SPX was up slightly. The index is not far from it’s highs and it would lend a lot of weight to the bullish argument if it could get to new highs with conviction. The COMPQ is also near the top of the trading range it has been in for months. A break into new high ground would be bullish. This major average has done the best in the last few days except for the mid caps which made new high ground a couple of days ago. There were a few breakouts today, such as MIDD and PANW, but good looking stocks are still hard to find. Some starter positions would be ok, but getting to heavily exposed until the picture improves more is risky. Jerry