The market had a relief rally today as it looks like they will again kick the Greece can down the road and avoid a default for now. After gapping up at the open the major averages held their gains and finished in the upper half of their intraday trading ranges. The COMPQ gained .72% while the SPX rallied .61%. It was a new all time high for the COMPQ and both the small and mid cap stocks rallied. The RUT and the MID both made new highs. Volume was much lower than Friday, but that would be expected since Friday was a quadruple expiration day. Leading stocks underperformed the overall market. While generally higher there were quite a few that had bad days. The leaders index was lower by 1.96% on the day on much higher and above average volume. While there was weakness in quite a few stocks(twelve of the twenty-one stocks in the index were lower) three stocks were the focal point of the decline. AMBA fell 20.94% as the stock seems to have topped out after a small climax run. Also SYNA and SHAK both fell almost five percent. The index came down and traded below it’s important 17dma before closing just above this moving average. Volume climbed to the highest level in months, much of which came from these three stocks. The action of the index in the last three days is something to keep an eye on. It must hold the 17dma or the decline could get worse. Overall things still look pretty solid, but if more quality growth stocks blow up like AMBA did, things could get ugly fast. Jerry
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