Jerry Samet
02-05-2015, 10:56 PM
The major averages had a strong up session today on a price basis.They opened higher and rallied throughout the day to close at their intraday highs. The SPX and the COMPQ were both up 1.03% on the day. Much of the gain came on news from Europe that Greece may work out a deal with the other countries in the EU. News that could be reversed tomorrow. Volume was lower across the board, showing that large institutional players were not heavy buyers. Leading stocks continued to lag the overall market with the leaders index rising .92% on higher and about average volume. The index closed in the upper half of it’s intraday range. Both the major averages and the leaders index remain in the trading ranges they have been in for a couple of months and breakouts are not producing any worthwhile gains. Until this changes trying to make progress on breakouts will likely be a waste of time. Jerry