Jerry Samet
07-17-2013, 10:59 PM
The market rallied today and the major averages regained what they lost yesterday, with the gains ranging from .28% on the SPY to .37% on the NYA. They closed in about the middle of their intraday ranges on mixed volume, higher on the New york and slightly lower on the Nasd. Leading stocks also rallied with the leaders index regaining about half of what it lost yesterday. Volume was above average but lower than on the decline yesterday. The index closed just below it’s 9dma, but it’s RS line turned up. 11 of the 22 stocks in the index rose by one point and the one that got hit hardest yesterday, TSLA, had a strong rebound, but on lower volume. The rebound today in the major averages took them back to their highs and the leaders index is dancing around it’s 9dma, a positive sign. The A’s minus E’s are still rising, which shows there is still accumulation in the market. The rally appears intact and we should expect higher prices ahead. Jerry