Jerry Samet
04-29-2013, 10:43 PM
The market had a solid rally today and while the major averages closed a bit off their highs they finished in the upper half of their trading ranges. The gains ran from .72% on the SPY to .85% on the COMPQ. Several of the major averages also made news highs and the COMPQ closed above 3300. The problem with the move today is that volume was lower across the board. You would rather see the market make new highs on strong volume. Leading stocks under performed the major averages as the leaders index rose .45% on higher and slightly above average volume. The new highs caused IBD to put the market back into confirmed rally and the close on the COMPQ above a market high turned the buy switch on for the MEM and gave it a count of +4. There doesn’t seem to be as much strength behind this move as you would like to see, but the market seems to want to go higher. Jerry