Jerry Samet
05-28-2015, 11:38 PM
The market opened slightly lower today and traded in a tight range the rest of the session. All the major averages finished slightly lower, with the COMPQ losing .17% while the SPX declined .13%. They all closed in the upper half of their intraday trading range. Volume was lower across the board, so large institutional players were not heavy sellers. The market actually behaved rather well considering the big sell off in China. Leading stocks did a little better than the overall market with the leaders index rising .35% on lower but still above average volume. It was a moderate gain but the relative strength line of the index made a new high. The index itself has now been in a trading range for the last seven trading days, but it is consolidating it’s most recent advance in a fairly constructive manor. I am probably beginning to sound like a broken record, but the market remain in a trendless trading range. The major averages can’t get anything going in either direction and while there have been breakouts, few if any are producing worthwhile gains. This is a frustrating market and while you can take positions I wouldn’t expect much from them. Jerry