Jerry Samet
10-10-2015, 11:25 AM
The market traded mostly around unchanged yesterday before finishing in the upper half of their intraday trading ranges. The COMPQ led the way with a gain of .41% while the SPX rallied .07%. Volume was lower across the board, which is not unusual on a Friday when many on the east coast try to leave a little early. Leading stocks were generally higher as well with the leaders index rising .74% on slightly higher and above average volume. The index closed in the upper half of it’s intraday range. There was a new price high on the index but not a new relative strength high. The market is acting better now than it has in a while. There are some solid up days and the down days are mostly contained, This is certainly not a strong market as the number of solid breakouts is still small and few are producing strong gains. The thing to watch next week is the weekly Coppock. This indicator is the most important one in my book and it is very close to a signal. It has flattened out on the COMPQ and has slightly turned up on several others, although not enough for a signal. Next week will tell us if this indicator will give a buy signal. If it does the changes for a tradable rally will go up dramatically. Jerry