Jerry Samet
04-13-2016, 10:05 PM
It was a very strong session all around today. The major averages gapped open and spent the rest of the day rallying to finish at their intraday highs. Volume was higher across the board, showing that large institutional players were buying stocks. The major averages all rose above their recent consolidations in pretty impressive fashion. The COMPQ rose 1.55% while the SPX gained 1.00%. Leading stocks had a good session as well with the leaders index rallying 1.16% on much higher and above average volume. The index closed near the highs of it’s intraday trading range, but didn’t break above it’s recent consolidation. The relative strength line of the index rose a bit today but still is well off it’s highs. The rally today was certainly impressive and seems to have brightened the picture. IBD got all excited and changed their outlook to a resumed uptrend. I am a bit more cautious. It was a good day all around, but we have seen so many reversals lately it is hard to get to excited. Things are looking better and the rally is on firmer footing than it was a couple of days ago, but don’t through caution to the wind. Jerry