Jerry Samet
09-09-2013, 11:27 PM
The market had a solid rally day today as the major averages posted good gains of between 1.00% on the SPY and 1.26% on the COMPQ. Volume was lower across the board but was above average on the COMPQ, which broke to a new high today while the SPY broke above it’s 50dma. The was no FTD today because of the lower volume but the COMPQ closed at a new high above the recent intraday high. This turned the buy switch on in the MEM with a count of +2, or 55% invested. IBD also went to resumed uptrend. Leading stocks slightly outperformed the major averages as the leaders index rose 1.31% to a new closing high on higher and above average volume. The index is also above all it’s important moving averages and the RS line is at a new high. There was no FTD so the distribution count was not zeroed out and the three confirming indicators are not needed. For the record there was a Eureka signal today and the %E’s were 10.5%. The weekly Coppock is not in a position to signal. The market is acting well again and new breakouts, such as NUS, are occurring. The rally resumption was caused by new highs in the index, not a follow through, so it should be treated with a bit more caution, but you should be invested at this point to hopefully ride a move up. Jerry