Jerry Samet
08-26-2014, 11:21 PM
The market continued to work it’s way higher today. After opening strong the major averages continued higher until some late weakness caused them, particularly the New York averages, to close off their highs. The COMPQ was strongest with a gain of .29% and a close near it’s intraday high while the SPY sold off harder with a gain of .11%. It also closed near the lows of the session. All the major averages made new intraday highs on the day. Volume was higher across the board, but the fact that the SPY closed near the lows of the day produced a stalling day on this average. Leading stocks had another solid performance with the leaders index higher by 1.62% on the session and finished near the highs of the day. The index has been acting well as the recent consolidation was contained at the short term 9dma and has power higher for the last two days on higher volume. The volume has been below average, but that is not unusual for the week before Labor Day. The index also set new highs on both a price and a relative strength basis. It is encouraging when quality growth stocks outperform the major averages. Both are acting well now and the distribution count is very low. The market appears to want to go higher. Jerry