Jerry Samet
12-03-2014, 11:04 PM
The market had another solid up day today as the major averages continued to work their way higher. The COMPQ was up by .39% while the SPY gained .38%. The New York averages made new all time highs while the Nasd averages remain just below theirs. They all closed near their intraday highs, a sign of strength. Volume was lower across the board as the market continued to climb on lighter volume. If this continues the market will start to take on a wedging look. Leading stocks were higher as well with the leaders index climbing .64% and closing in the upper half of it’s intraday range. The index is still just above both it’s 17dma and it’s 9dma. It has been unable to break out of it’s recent trading range and move into new high ground as the major averages have. Volume on the leaders index was very light. Even with the gains today more stocks in the Marketsmith 250 were down on volume than up on volume, not the kind of confirmation of the move in the overall market you want to see. The A’s minus E’s have turned back up and the weekly Coppock remains in an advance. The long side is the place to be, but this is not a strong rally that is likely to produce powerful gains. Jerry