Jerry Samet
09-05-2013, 12:21 AM
The market had a good strong advance today. The major averages had good gains, ranging from .72% on the NYA to 1.01% on the COMPQ. Unlike yesterday the market held on to those early gains and closed near the highs of the session. Volume was mixed, well higher on the Nasd and lower on the New York. It would have been better if New York volume had been higher, but both were above average. The COMPQ had a solid accumulation day and missed an FTD by a small amount. That would have turned on the buy switch in the MEM and caused IBD to go to confirmed uptrend. Leading stocks also had a good session as the leaders index rose 1.35% on lower and below average volume. Again it would have been better if volume had been higher. The market has seen corrective action, particularly in the New York averages, for a few weeks now. This action has been very mild with the major averages only two or three percent from recent highs. Leading stocks are also acting well as the leaders index has been consolidating through this correction and some high quality stocks are doing well and others forming bases. The RS line of the leaders index is also at new high ground. Overall, it appears that even with some real issues the market seems to want to go higher, and barring some unexpected events likely will. jerry