Jerry Samet
07-01-2014, 11:08 PM
The market had a strong rally day today. After opening higher all the major averages rallied through most of the day. Even with some selling in the last couple of hours all the major averages closed with solid gains and in the upper half of their trading ranges. The COMPQ led the way with a gain of 1.14% while the SPX was higher by .67%. Small caps were strong with the RUT rising 1.09%, but the SOX had the largest gain of all, 1.38%. Volume was higher across the board and above average on the Nasd. All the major averages made either all time or multi year highs. Leading stocks had a good day also,but the leaders index slightly under performed the major averages. The index rose .52% on about flat volume. This was a new high for the index and showed continued strength among quality growth stocks. Today was an accumulation day for all the major averages, showing that institutional players were buying stocks. The day’s action adds strength to the rally and indicates that it should have more to run. Jerry