Jerry Samet
01-07-2014, 11:35 PM
The market opened strong today and held most of it’s gains through out the session. The COMPQ lead the way higher with a gain of .96% while the NYA was up .56%. Volume was higher across the board and well above average on the Nasd. This produced an accumulation day on all the major averages. Leading stocks rose also but not quite as much as the overall market as the leaders index rose .61% on higher and above average volume. The gain in the index was muted by several components, like DL, KORS, and NFLX getting hit hard while AMBA and SFUN did well. Overall this was a positive day and adds strength to the bullish case. It is hard for the market to go down much with the Fed printing as much money as it is, but the rally and the bull market are old and at some point the QE will lose it’s effectiveness. For now though the trend is higher and participating is the right thing to do. Jerry