Jerry Samet
04-14-2016, 07:28 PM
The market traded in a fairly tight range today with the major averages closing mixed and producing small gains. The COMPQ finished down .03% while the SPX was higher by only .02%. This is actually pretty positive action considering the gains of the past two days. The market held these gains and there was no real selling to grab short term profits. Volume was lower across the board and well below average. This showed that large institutional players were not selling into the recent rally. Leading stocks were a bit lower on the day with the leaders index falling .18% on the day on lower and below average volume. The index closed in about the middle of it’s intraday trading range and remains above all it’s short term moving averages, although not by much. The index is still in the consolidation range it has been in for over two weeks and has not followed the major averages into new high ground for the move. The action of the last few days has improved the picture, but we are still not showing real strength. There are stocks that are moving past legitimate buy points, but few are following through with meaningful gains. I am mostly in index ETFs right now and they are performing better than all but a handful of individual stocks. Jerry