Jerry Samet
11-18-2014, 11:30 PM
The market had a solid rally day today. After opening stronger the major averages held their gains for the rest of the session and closed near their intraday highs. There was strength across the board but the Nasd averages were strongest. The COMPQ was up by .67% while the SPY advanced .51%. Small caps rose about in line with the major averages while the greatest strength was in the semiconductors as the SOX gained 1.90%. Volume was mixed, higher on the New York and lower on the Nasd. All the major averages made new all time or multiyear highs and broke above the recent consolidations they have been stuck in. Leading stocks were higher as well with the leaders index rising .86% on higher but still below average volume. The index is still in it’s consolidation. It is now slightly above it’s important 17dma, but it would be encouraging to see it break into new high ground with some conviction. Today’s action is certainly positive, especially in the major averages, but better action in quality growth stocks would go a long way toward improving the picture. Jerry