The market was mixed today with the major averages closing little changed after being slightly higher most of the day. Volume was mixed as well, slightly lower on the Nasd and up a bit on the NYSE. This produced a stalling day on the SPY and the NYA. Leading stocks were up a bit but gave up early gains with the leaders index rising .17% on lower but still above average volume. The index has now had seven up days in a row with six of them on above average volume. The FTD yesterday was confirmed by two of the big three indicators used to confirm follow through days. Both the %E’s( at 7.35%) and the Eureka confirmed while the weekly Coppock did not. Since the accumulation/ distribution data first became available in 1994 there have been seventeen FTD’s that were confirmed by the %E’s and the Eureka but not the weekly Coppock. Of these only three went on to produce real tradable rallies. This along with the early distribution are reason for some caution, but leading stocks are still acting well and so there still may be some money to be made on the long side. Jerry
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