Jerry Samet
04-21-2014, 06:53 PM
The market had some decent gains today with the major averages opening higher and holding moderate gains through out the session. The COMPQ led the way higher with a gain of .64% while the SPY was up by .38%. Late strength saw the averages closing near their intraday highs. Small and mid cap stocks also had some gains. Volume was again disappointing with an across the board decline. Leading stocks were also higher on the session with the leaders index rallying .75% and also closing near the highs of the day. Volume here also is much lower and well below average. There have been three days of higher prices in a row in the index. It is either forming the right side of a cup or the successively higher prices on successively lower volume is setting up a wedging rally. Only time will tell. The COMPQ is also setting up a potential wedging rally. We may go to new highs in the New York averages and trigger a new technical rally or the market could roll over again. At this point I don’t know which will happen, but it’s a tough environment to make any progress in. Jerry