Jerry Samet
02-21-2015, 11:51 AM
The market started off weak yesterday and it looked like we would get a real sell off. The major averages bottomed out in the first hour and then started to recover. There was a steady climb into the afternoon. Then word of a deal between Greece and the EU started coming out and the market rallied into the close. The deal amounts to only a four month postponement but it was enough to cause a rally. The COMPQ was up by .63% while the SPX rose .61%. Mid caps led the way with the MID higher by .76%. All the major averages made both intraday and closing highs on the session. Volume was higher across the board. This was partly due to yesterday being an expiration day, but it looked like there was real buying as well. Leading stocks had a good session as well with the leaders index rising 1.17% on lower and about average volume. The index finished at it’s intraday high, a sign of strength. Yesterday’s action improved the picture quite a bit. All the major averages, from big cap to small cap are in new high ground. The number of stocks producing substantial gains are still relatively few but some are starting to appear, particularly in the cyber security group. The rally seems to be gaining strength, although much of it was on news about Greece that could be reversed quickly. You should be invested now,but stay close to the exits if the market reverses. Jerry