Jerry Samet
07-13-2015, 11:13 PM
After selling off last week when it looked like there would be no deal with Greece the market rebounded in the last two trading sessions now that it looks like there will be a deal. After breaking below important moving averages the major averages rallied today on news that Greece seemed to be caving. The major averages gapped higher at the open today and held onto their gains to finish at their intraday highs. The COMPQ was higher by 1.48% while the SPX was up by 1.11%. The COMPQ rallied above it’s 50dma while the SPX closed right at this important moving average. Volume was higher on the Nasd and very slightly higher on the New York. Leading stocks were mixed on the day but had an upward bias. The leaders index was slightly lower on the day, mostly because of a 12.70% decline in NHTC on very high volume. The index closed just below it’s 50dma and the relative strength line of the index also failed at it’s 50dma. Leaders are sloppy and although there have been some fresh breakouts worth while gains remain rare. This is a very news driven market, and when you throw in the fact that we are getting into the thick of earnings season there will be a lot of volatility. It is ok to take some positions, but I think you should position size very carefully and not get to heavily exposed. Jerry