Jerry Samet
07-15-2015, 11:00 PM
The market was slightly higher today after the advances of the last few days, but lost those gains and finished slightly lower after violence broke out in Greece. The Greek parliament approved the deal later and the futures are higher as of this writing. The major averages held recent gains pretty well with the COMPQ off by .12% and the SPX lower by only .07%. Volume was mixed, slightly lower on the Nasd and higher on the New York. The small loss on the SPX prevented another distribution day from being added to the total. All the major averages also closed in the lower half of their intraday treading ranges. Leading stocks were off as well on the session with the leaders index falling 1.20% on higher but still well below average volume. The index also closed near the bottom of it’s intraday range. The 50dma is still serving as resistance for both the index and it’s relative strength line. It would be a very positive sign if they could clear this important moving average with some conviction. The market is trying to rally after it’s recent decline. How far this rally attempt goes and weather or not it turns into something worthwhile remains to be seen. Jerry