Jerry Samet
12-17-2012, 06:49 PM
The market opened strong today and rallied most of the day to finish at it’s highs. The major averages were up between .88% and 1.32% on the day. Volume was higher across the board. The COMPQ rallied 1.32% on higher volume, producing a follow through day on this major average. All the major averages are now above their important moving averages. The action was close to a Eureka today and we may get one that would confirm the FTD. The %E’s were a little light at 7.36% based on yesterday’s numbers. The weekly Coppock has not signaled but is showing real signs of a curve so strength in the next week or two could produce a signal. Leading stocks rallied with the overall market as the leaders index was up 1.19% on higher and above average volume. The confirmation of this FTD is a bit weak, but the days action was positive. The current market environment is volatile and while it is ok to take positions some caution is warranted. Jerry