Jerry Samet
06-12-2015, 12:41 AM
The market was on a whole positive today, but the major averages gave up most of their early gains to finish moderately to the upside. The COMPQ closed the session up by .11% while the SPX gained .17%. Both closed near their intraday lows as the market gave up gains after there was more talk of problems in negotiations over the Greek bailout.The greatest strength today was in the hard hit Transports and the mid caps. Volume was lower across the board, so large institutional players were not active buyers. Leading stocks had another positive day with the leaders index rising .59% on much higher volume. This represents both a new intraday and closing high for the index and the relative strength line set a new high as well. Volume was very high on the day and the highest since March 11. The leaders index continues to ride it’s short term 9dma and so is acting well. There were a couple of fresh breakouts today, such as MBLY, and quality growth stocks are acting better than the overall market, a positive sign. It remains a swing traders market and even the best performing stocks are showing only modest gains, but if you are nimble you can make some small profits. Jerry