Jerry Samet
06-09-2014, 11:18 PM
The market continued to rally today. While the major averages lost some of their early gains they all closed in positive territory. The COMPQ led the way higher with a gain of .34% while the SPY gained .09%. The COMPQ closed in the upper half of it’s trading range and the SPY finished in the lower half of it’s range. This produced a stalling day on the SPY. Volume was also mixed, higher on the Nasd and lower on the New York. Leading stocks had solid gains also with the leaders index climbing .78% on higher and above average volume. The index set new highs on both a price and a relative strength basis. The star of the day was again the small caps as the RUT rose .92%. Quality growth stocks continue to act well and there were new breakouts today, such as HZPN, VIPS and LCI. The rally continues to be in good shape and with only one distribution day on the SPY there are no real red flags out there. The market seems to want to go higher and the long side is the place to be. Jerry