Jerry Samet
11-21-2013, 11:13 PM
After three days of weak action the market rallied today with solid gains across the board. A strong opening was followed by rising prices through out the session and all the major averages closed near their highs of the session. The COMPQ lead the way with a gain of 1.22% while the NYA brought up the rear, advancing .65%. Volume was mixed, higher on the New York and slightly lower on the Nasd. We came close to a very late follow through on the COMPQ but the gain just missed the required 1.25%. Leading stocks did well also with the leaders index climbing 2.96% on lower and well below average volume. The index closed near it’s highs and finished back above it’s 9dma. The rally today was good but it would have better to see really strong volume on the rebound. The move was not that convincing. It is also very difficult to find stocks to get excited about and I find little I really want to buy. This is a negative sign. The market remains in rally mode but it looks like a weak rally with a lot of distribution built up. The market usually rallies this time of year some some participation may be warranted, but the risks are high. It is easy to get successive small losses that add up in the end. I think that etf’s might be safer than individual stocks right now. I will be away on vacation in Maui for Thanksgiving week. I hope everyone has a good Thanksgiving and the updates will resume after the holiday. Jerry