Jerry Samet
10-12-2015, 11:57 PM
It was a quiet session today, mostly due to the Columbus Day holiday. The major averages traded around unchanged before finishing with small gains. The COMPQ was up by .17% while the SPX gained .13%. Both closed high in their intraday trading ranges, a sign of support. Volume was lower across the board and very light, as you would expect on a holiday where the bond market was closed. Leading stocks did better than the overall market with the leaders index higher by .78%, also on very light volume. The index closed in the upper half of it’s trading range and made new highs on both a price and a relative strength basis. The COMPQ joined the other major averages in breaking above it’s 50dma, a positive sign. The weekly Coppock looks like it will give a buy signal this week, assuming there is not a big decline by the end of the week. If we closed the week here the COMPQ would be just shy of a signal, but the SPX, DOW, and the small and mid cap averages would signal. This would be a positive factor, but it would be to late to confirm the follow through. Jerry