Jerry Samet
03-12-2015, 11:06 PM
In a continuation of see saw action the market had a solid up day today after recent weakness. The futures were higher before the open and the major averages rose throughout the session. Late strength allowed all the major averages to close at their intraday highs. The COMPQ was up by .89% while the SPX rose 1.26%. The greatest strength was in the small caps with the RUT increasing 1.72%. Volume was another story. It was very slightly higher on the Nasd and IDB said it was higher on the New York, but esignal had it slightly lower. Either way there was not strong volume to confirm the price action. I guess it is to much to ask of this market to give clear signals. Leading stocks were generally higher as well, with only nine stocks in the IBD 50 lower on the day. The leaders index was lower on the session by .25% on lower and about average volume. The reason for the decline was that two components of the index, AKRX and CYBR were off 7.72% and 6.98% respectively. Even without these stocks the gains on the index were small. This is a very tough market to make any progress in. Even when stocks break out the gains are small and for every winner you will likely get at least one loser, negating any gains. I really don’t know where the market will go from here as it can’t seem to go in either direction for long, but a good deal of caution is warranted. Jerry