Jerry Samet
10-25-2014, 11:55 AM
The market had another positive day yesterday. The major averages opened higher and stayed strong all day. Late strength saw all the major averages close at their intraday highs, a sign of strength. The SPY was up by .71% while the COMPQ increased by .69%. The COMPQ slightly regained it’s important 50dma and the SPY is now just below this level. Volume was lower across the board. You would like to see strong volume as these major averages cross this important resistance level. Leading stocks had a solid day as well with the leaders index up by .51% on higher and above average volume. The index has been consolidating it’s recent up move in a pretty constructive manor. Individual quality growth stocks continued to do well as there were fresh breakouts yesterday while previous breakouts like ALXN , REGN and AKRX continued to advance. Yesterday’s action helped improve the overall picture. There are quality growth stocks that are working right now so having positions in these names is a good idea, but this rally attempt has yet to really prove itself so don’t get carried away. Jerry