The market finished up slightly on Friday as it continued to digest recent gains in an orderly manor. The SPY made new highs for the move and is approaching it’s recent high that would negate the possible head and shoulders pattern that was and possibly still is developing. Volume was down a bit across the board but was about average. Leading stocks continued to outperform as the leaders index rose .96% on the session on slightly lower volume that was a bit below average. The index set a new high for the move on both a price and an RS basis. It is a good sign when quality stocks lead the market higher. There are negatives out there, such as the event driven market and the fact that we are so late in the cycle, but it seems there is a rally under way and the recent weekly Coppock buy signal adds weight to this. The long side is clearly the place to be, but dancing close to the exits is not a bad idea. Jerry
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