Jerry Samet
02-19-2015, 11:05 PM
The market had another fairly quiet session today. After not trading to far from unchanged all day the major averages ended mixed. The strength was in the Nasd averages as the COMPQ rose .37% and the NDX rose .48%. New York averages slipped a little with the SPX lower by only .11%. Volume was lower across the board, which is what you want to see when the market is consolidating recent gains. All the major averages made new intraday highs today, including the COMPQ, NDX, SPX, MID, RUT and SOX. This is encouraging. Leading stocks generally had small gains as well with the leaders index rising .28% on higher and above average volume. This showed accumulation in quality growth stocks. The index also made a new high on both an intraday and a closing basis. The market is showing some positive action and looks like it wants to work it’s way higher. The consolidation of the break above the months long trading range we were in is acting in a constructive manor. We need a good strong up day on volume to get a rally going. If this happens it will brighten the picture considerably and maybe show that this rally attempt has some legs. Jerry