Jerry Samet
03-09-2016, 07:09 PM
The market was moderately higher today in a quiet session. After early weakness the major averages bounced around before closing higher. The COMPQ gained .55% while the SPX rallied .51%. Both closed in the upper half of their intraday trading range. Volume was lower across the board and well below average on both exchanges. Leading stocks were higher and outperformed the overall market. The leaders index gained 1.25% today and also finished near it’s intraday high. The index is now back above it’s short term 9dma and the relative strength line of the index has turned up. The leaders index continues in a consolidation pattern that it has been in for seven trading sessions. Volume during this period has been very light, which is what you want to see in a consolidation. The market is working it’s way higher, after regaining much of yesterday’s loss today. There really isn’t a lot of punch in the rally and very few stocks are producing worthwhile gains. The current rally is intact, if unexciting. Jerry