Jerry Samet
06-11-2014, 12:07 AM
The market took a little breather today as the major averages closed about flat on the session. There was some weakness early but market rallied back and all the major averages closed at their intraday highs. The COMPQ finished with a slight gain of .04% while the SPY was off by .02%. Volume was mixed, slightly higher on the Nasd and a bit lower on the New York. Leading stocks also rested today with the leaders index declining by 1.09%. There was late strength here also as the index closed near it’s intraday high. Volume was considerably lower on the session and well below average. The index tagged it’s 9dma but closed well above this short term moving average. The fact that the index has been climbing above this moving average is a real sign of strength. The lack of volume on a decline means that there was not a lot of selling pressure from large players. The market is working it’s way higher and after a recent advance it would not be surprising to see a consolidation or a modest pull back at this point. Even if this happens both the major averages and quality growth stocks still look like they are on solid ground and as of now are not flashing any real warning signs. Few stocks are lighting any fires, but it looks like there are some worth while gains to be had. Jerry