There was no update yesterday due to a data problem. The market is holding on to most of the gains of two sessions ago in a pretty constructive manner. The Nasd averages were strongest today due to good earnings reports after the close yesterday in FB and MSFT. The COMPQ and the NDX were higher by .21% and .42% respectively. The SPX was about unchanged with a decline of only .04%. All the major averages finished in the upper half if their intraday trading ranges. A sign of support. Volume was slightly higher across the board. Leading stocks were a bit mixed today. I gave a presentation two days ago at a group I attend and as an exercise created a new leaders index. It is very close to the last one but is acting slightly stronger so I am going to go with this one. I have included a text file with the components of the new index. The index was lower today with a decline of .61%. This was mostly due to a sharp decline in XLNX, which fell over 17% on huge volume due to a disappointing earnings report. The index closed in the upper half of its trading range and it held above its short term 9dma support level. Volume was much higher because of a couple of news related increases. The market is acting pretty well after moving to new highs two trading sessions ago. It is holding those gains nicely and we are seeing lower volume as it consolidated than when it broke to new highs. Overall the trend appears to be higher and if you have positions that are performing well ride them, although care should be taken with new positions as the best performers become buyable in the first few weeks after a follow through . Jerry
Reply With Quote