The market had a pretty weak rally in today’s session. After a higher open the major averages sold off and after a couple of hours bottomed out and worked their way higher. They closed near their intraday highs The COMPQ led the way with a gain of .24% while the SPY was pretty flat, being up .08%. Small cap stocks were the strongest as the RUT was up .36% and the SOX was gained .55%. Volume was about flat on the Nasd and higher on the New York(according to esignal). Leading stocks were higher on the day as well with the leaders index gaining 1.21% on lower and below average volume. The index is pulling away a bit from it’s 9dma and the relative strength line of the index made a new high. This is positive action and there were some breakouts today in stocks like XRS and SPWR. There were also pocket pivots in stocks like FSLR. Overall the rally is intact and there has been little damage to either the major averages or leading stocks. The rally does however have a weak feel to it and is not the kind of market that produces large gains. Trying to hit singles and taking any profits at less than normal levels is probably the best strategy. Jerry
Reply With Quote