Jerry Samet
06-16-2015, 07:26 PM
The markets rallied today, continuing the rebound from yesterday’s lows. The major averages opened higher and spent the rest of the day rallying and closed at or near their intraday highs. Some of it was a report that Merkel said there would be Greek deal by Thursday. The SPX was up by .57% and the COMPQ gained .51%, both recovering all of yesterday’s decline. The issue was volume. It was lower across the board. You would like to see the rebound on higher volume than the decline. Leading stocks were higher as well with the leaders index rising .44% on the session. The index closed near it’s intraday high and set a new intraday and closing high. The gain was slightly less than the major averages so the relative strength line declined slightly. Since the new index was put together on May 18 it is up almost 8%, a decent advance considering the trendless in the overall market. This is positive as the market is not likely to go into a serious correction while leading growth stocks are holding up this well. Jerry