Jerry Samet
05-05-2014, 11:13 PM
The market opened lower today and it looked like there could be a strong sell off today. The major averages bottomed in the first fifteen minutes and reversed higher . They got to about even on the session and then went side ways for a while until a late rally took them to their intraday highs. The COMPQ led the way up with a gain of .34% while the SPY was higher by .17%. Volume was lower across the board and below average. Leading stocks were generally positive but the leaders index was about flat on the day with a gain .03% on very low volume. The index remains right on it’s 17dma and 50dma and is right below a down trend line. It would be very positive if the index could launch off these moving averages and get above the down trend line on solid volume. Today’s reversal is encouraging action, but the lack of volume showed that there was not much institutional support in the day’s trading. The COMPQ is right at it’s own down trend line and the New York averages are just below new highs. If there is a follow through on volume it would improve the situation quite a bit, but right now it is still tough to get to excited. Jerry