Jerry Samet
02-04-2015, 11:13 PM
The market tried to continue yesterday’s rally but couldn’t. After some early strength the major averages traded sideways for the rest of the day until a late sell off took the major averages into negative territory. The SPX declined by .42% while the COMPQ fell .23%. Volume was higher on the Nasd so there was distribution on the COMPQ. IDB said that volume on the New York was slightly lower but esignal showed it slightly higher. The major averages closed near their intraday lows and the SPX is now back below it’s 50dma. Leading stocks generally had a pretty flat session as well with the leaders index rising .14% on lower and well below average volume. The index again closed at about it’s 9dma and in the upper half of it’s intraday trading range. A couple of stocks had breakouts today, including MANH and SNCR, but if they follow recent patterns for breakouts they are unlikely to go anywhere. The recent trendless pattern continued today and I see no reason to get excited about the action of the market or quality growth stocks. Until this changes the sidelines are the best place to be. Jerry