Jerry Samet
06-30-2014, 11:16 PM
The market was pretty flat today with the New York averages closing with little change while the Nasd averages, while closing off their best levels still made new highs for the move. The COMPQ was up by .23% while the NDX was higher by .13%. The SPY was lower by .04%. Volume was lower across the board, as you would expect after a rebalancing day. Leading stocks had a much better session than the overall market with the leaders index higher by 1.29%. Volume was lower and also below averages. The leaders index set a new high on both a price and a relative strength basis. The index continues to rise above it’s 9dma and has not closed below it in over two months. This is a sign of real strength in quality growth stocks, and bodes well for the rally. The Nasd averages are leading the major averages right now and are making multi year highs while the New York averages are consolidating recent gains. The rally appears to be on solid ground for now and it like like there will be higher prices ahead. Jerry