Jerry Samet
09-09-2014, 12:10 AM
The market has a volitale day today with the major averages trading up and down. The Nasd averages were strongest and closed positive while the New York averages were lower. The COMPQ was up by .20% and closed near the top of it’s intraday range while the SPY was lower by .31% and closed in about the middle of it’s trading range. Volume was mixed, higher on the Nasd and lower on the New York . It is good to see the higher volume on the rising averages. Leading stocks were generally higher with the leaders index up by .89% and finishing in the upper half of it’s trading range. Volume was lower on the day and well below average. The index closed just above it’s short term 9dma regaining this moving average. The number of quality growth stocks making solid gains are few, but overall not much damage has been done. The leaders index has been trading in a consolidation pattern for almost two weeks and the major averages are about the same. There are few sell signals but not a lot of upside either. A strong up day on above average volume that takes us above these consolidations would be a welcome development. Jerry