Jerry Samet
01-22-2014, 11:13 PM
The market opened higher opened higher and after some weakness it rallied to finish near the highs of the session. The COMPQ continued to lead the way with a gain of .41% and set a new high for the move. The SPY was flat with a small gain of .06% and it also finished near it’s high. Volume was mixed, slightly higher on the Nasd and lower on the New York. Leading stocks had a good session with the leaders index rising 1.79% on higher and above average volume. I said yesterday that the index looked like it was forming a cup or saucer with handle pattern and that if it could stage a breakout from this pattern it would be positive. It had the breakout today as the leaders index set a new high on both a price and a relative strength basis. This is the type of action you want to see as quality stocks are leading the market higher. Earnings so far have been a mixed bag and the futures as of this writing are a bit lower. The action of the leading stocks and the major averages is looking good and it seems that higher prices are ahead. Jerry