Jerry Samet
06-26-2014, 11:19 PM
The market showed some real weakness at the open. Within the first half hour of trading the major averages bottomed and spent the rest of the day working their higher. All the major averages finished the trading session at or very near their highs and flat on the day. The COMPQ was lower by .02% and the SPY was off by .12%. Volume was lower across the board, which is what you want to see when a market is consolidating. In addition all the major averages continued to hold their 10 day moving averages, a sign of strength. Leading stocks had a solid day as the leaders index rose .59% on lower and very light volume. The index continues to consolidate in a constructive manor above it’s short term moving averages. The relative strength line of the index made a new high today, showing that quality growth stocks are outperforming the overall market. There has been some weakness in the accumulation/ distribution rankings of individual stocks, but over all neither the major averages or the leading stocks are flashing any real warning signs. Until there are more clouds on the horizon the near term direction of the market appears to be higher. Jerry