Jerry Samet
06-25-2015, 06:24 PM
The market was higher early but couldn’t hold the gains. The major averages topped out less than two hours into trading and spent the rest of the session declining. The SPX fell .30% and the COMPQ was off by .20% and finished just above it’s short term 10dma. The SPX is doing worse and is now back below it’s important 50dma. This is not a good sign and the index should recover this moving average to increase confidence. Volume was mixed, slightly lower on the Nasd and up a bit on the New York(according to esignal). This would produce another distribution day on the New York averages. Leading stocks seemed mixed on the day with the leaders index declining a bit by .15%. This was a little less than the overall market, but the index remains slightly below it’s important 17dma. This moving average is a major support level for quality growth stocks and if the leaders index can’t get back above this level it would indicate that quality growth stocks are struggling. It is a tough market with a premium on picking the right stocks. Jerry