Jerry Samet
05-16-2016, 06:48 PM
The market continued it’s trendless roller coaster ride today. The major averages opened higher and climbed almost uninterrupted before a little late weakness saw them finish off it’s highs. The COMPQ closed with a gain of 1.22% and the SPX rallied .98%. All the major averages closed near their intraday trading highs, a sign of strength. Volume was higher on the Nasd and very close on the New York. Esignal had it slightly higher but the change was small enough that other data feeds could have a different result. We came very close to a follow through today on the COMPQ, but the price gain was a little short. Leading stocks were higher on the session as well, but the gain was less than the overall market. The index was higher by .63% and it closed in about the middle of it’s intraday trading range. The index remains below it’s important 50dma and is still in the consolidation it has been in for weeks. The New York averages regained their respective 50dma’s, a good sign, but the charts are still not looking good. There were a couple of breakouts today but not as many as you would expect on a day with solid price gains in the major averages. The stocks up on volume and down on volume in the Marketsmith 250 were about even. Today’s action was good, but it really doesn’t change the overall picture. We will need a few more like this to really change things. Jerry