Jerry Samet
03-16-2015, 06:48 PM
The market opened strong today and advanced throughout the session. There were solid gains on the day with the SPX gaining 1.35% and the COMPQ higher by 1.19. Late strength saw all the major averages finish at their intraday highs. The issue was volume. It was lower across the board(according to esignal). This showed that large institutional players were not heavy buyers of stocks. It also continued the recent pattern of declines on higher volume and rebounds on lighter volume. Leading stocks rallied as well with the leaders index rallying 1.59% and closing near it’s intraday high. The index regained it’s 9dma and it’s important 17dma. This is positive, but it seems that there was little conviction. Volume was lower than Friday and below average. You would like to see higher volume when the index rises above important moving averages. There has been a lot of volitality lately and not a lot of progress. The Fed will announce the results of their meeting on Wednesday, that will likely have a signifigant impact on what happens to the markets at least short term. Jerry