Jerry Samet
09-14-2013, 11:46 AM
The market had a mild up day yesterday as the major averages rose on the session lead by the New York averages. The SPY was up .27% while the COMPQ gained .17%. The RUT was up the most, climbing .52%. The major averages all closed near their highs of the session while volume was lower across the board. Leading stocks continued a mild pull back after their recent gains as the leaders index declined .90% on lower and well below average volume. The index tagged the it’s 9dma but closed well above this moving average. Quality stocks were mixed but generally acted well as there were new breakouts, such as REGN. The market continues to act well as both the major averages and leading stocks are consolidating recent gains in an orderly manor. Barring unexpected events it look like the rally in on solid ground and the long side is the place to be. Jerry