Jerry Samet
01-10-2013, 10:42 PM
The market opened higher today and after a bit of weakness mid day rallied into the close to finish with solid gains and near the intra day highs. The major averages broke above the consolidations they were in after the big increase on the first trading day of the year and reached new highs for the move. Volume was up across the board as you would like to see when the markets reach new highs in a rally. This shows that big players are still buying stocks. Leading stocks were a little weak today after outperforming for over a week with the leaders index up only .15% on the session, but on higher and well above average volume. This is ok as quality stocks can’t do better than the overall market every day. We continue to see new breakouts, such as LNKD, which is a big positive. The rally looks like it is on solid ground and the long side continues to be the place to be. Jerry