Jerry Samet
06-25-2014, 07:41 PM
The market rebounded pretty nicely from yesterday’s drop with the major averages regaining most of their losses. The COMPQ gained the most of the major averages with a gain of .68% while the SPY advanced .49%. Small caps were the strongest with the RUT rising .80%. Volume was a little disappointing with the Nasd volume down and the New York volume about flat. It would have been better to see higher volume but at least the averages closed again at their intraday highs, a sign of strength. The COMPQ and the SPY both bounced nicely off their 10dma’s. When they are above this short term moving average it is hard to get to negative. Leading stocks had a good session also with broad gains. The leaders index rose 1.28% on slightly lower and below average volume. The index traded a bit below the 17dma during the day but rallied to close near it’s intraday high and above both the 9dma and the 17dma. This is also a sign of strength. It would be nice to see the leaders index break into new high ground along with the major averages(the COMPQ closed in new high ground today), but both the major averages and quality growth stocks still look alright. Jerry