Jerry Samet
06-17-2013, 07:08 PM
The market had a solid rally today, even though it gave up a good portion of early gains. The major averages rose between .76% on the SPY and .83% on the COMPQ. They closed in about the middle of their trading ranges and volume was higher across the board. This showed there was some real buying today. Leading stocks under performed the overall market with the leaders index climbing .26% on higher but below average volume. The index cleared it’s 17dma, but the RS line was weak. The market lost almost all it’s early gains when a reporter for the Financial Times said the Fed might scale back it’s QE, but then rallied back when he tweeted that he didn’t mean it would happen soon. This shows how fragile the current situation is and makes you wonder what will happen when they act for real. The day’s action was positive although not over to over whelming. I will be away for about a week and the updates will resume the middle of next week. Jerry