The market traded mostly unchanged today with the major averages trying to rally a bit early, but not being able to hold the gains. The COMPQ was lower by .02% and the SPY was up by .07%. The fact that the major averages were able to hold on to yesterday’s gains is a positive sign, although the market seemed a bit labored on the session. Volume was lower across the board, which is good on a day when the market is consolidating gains. Leading stocks saw some selling with the leaders index down by .58% on the session. Volume on the index was much lower than yesterday and well below average. The index continues to trade above it’s 9dma, and as long as it can stay above this short term moving average the up trend in quality growth stocks will remain intact. Both leading stocks and the major averages are acting well and the rally is intact. Jerry
Reply With Quote