Jerry Samet
04-10-2013, 11:01 PM
The market opened strong today and held on to it’s gains the entire session to close at the highs of the day on all the major averages. They were up between 1.11% on the NYA and 1.83% on the COMPQ. Volume was higher across the board so this constituted an FTD and IBD put the market back into confirmed uptrend. The volume was still lower than average. It would have been better if volume was above average. Leading stocks also had a good day as the leaders index rose 2.16% on higher but still well below average volume. The index climbed back above it’s 17dma and the RS line turned up. It was generally a good day but it would have been preferable to see higher than average volume on the major averages and the leaders index. Every time the market looks like it is going to correct it turns around again, which probably has a lot to do with all the QE going on all over the world. Cautiously long is the place to be. Jerry