Jerry Samet
10-17-2015, 11:19 AM
The market held onto Thursday’s gains nicely yesterday and managed to add some modest gains. After some weakness mid session the major averages rallied into the close and finished at their intraday highs. Volume was lower across the board, so there was limited buying by large institutional players. Leading stocks were higher as well, but by less than the overall market. The leaders index gained a modest .14% on the day and closed in the upper half of it’s intraday range. The index again tagged it’s important 17dma support level and held it again. The market seems to want to go higher. There are solid up days followed by mostly contained consolidation sessions. This is the footprint of a market with a bid under it. The weekly Coppock has given a clear buy signal after coming close last week. This usually means higher prices in at least the short term. There are still not a large number of attractive stocks so it will likely not be a strong up move, but there may be some money to be made in the short term. I will be away for a few days, the updates will resume on Thursday. Jerry