::: Today’s Market Action :::
Unless the market stages a big reversal in the final hour of trading today, the S&P500 will close at a new multi year high with trading volume potentially high enough to qualify for another day of accumulation (indication of institutional buying). It’s just too close to tell at this point. Regardless, today is no doubt a significantly positive day up until this point.
(Note: volume averages are based on the average over the past 50 days)
Data as of 2:45PMEST
Nasdaq: up .46% today with volume currently tracking 6% ABOVE average
Nasdaq ETF (QQQQ): up .39%, volume 1% BELOW the average
Dow: up .71%, volume 10% ABOVE average
Dow ETF (DIA): up .67%, volume 32% BELOW the average
S&P ETF (SPY): up .56%, volume 8% BELOW the average
Russell Small Cap ETF (IWM): up .35%, volume 27% ABOVE the average
::: SelflInvestors Leading Stocks :::
It’s another ho hum day for leading stocks – they are doing OK today but not outstanding. There is little volume behind today’s move up.
Summary:
* Advancers Leading Decliners 228 to 125.
* Advancers are up 1.66% today, with below average volume… 6% ABOVE average
* Decliners are down 1.27% with volume 4% ABOVE average
* The total SI Leading Stocks Index is up .62% today with volume a bit BELOW average at 3% below
* Where’s the Money Flowing *
Many investing websites just provide leading industries based on price performance alone.. without the volume, this can be misleading. The only way that I know of to guage industry/sector strength WITH volume levels is through the analysis of ETF’s. A couple years ago this was not possible, but as more traders/investors use ETF’s they become a much better tool for guaging the health of the market and seeing where the money is flowing (or not flowing). Using the proprietary SelfInvestors Demand Indicator score which measures price and volume movements, I’m able to quickly see which sectors/industries are seeing the greatest inflows of cash.
* Leading Sectors/Industries: Homebuilders appear on the list for the first time today (actually they showed up yesterday after I sent out the MidDay report), Software, Technology, Consumer Services
* Lagging Sectors/Industries – Energy, Energy, Energy.. and Energy AND Gold (still no change here)
* Today’s Market Movers (UP) – Homebuilders are getting more big buying today; energy and industrials are seeing some bargain hunting buying
* Today’s Market Movers (DOWN) – Telecom and Networking stocks are seeing some profit taking with volume today
** Stocks **
The stocks section will be an area where I highlight one stock selected from a group of stocks moving up with volume well above average. Today’s stock is Charlotte Russe Holdings (CHIC).
ABOUT: Charlotte Russe Holdings, Inc. is a mall-based specialty retailer of apparel and accessories targeting young women in their teens and twenties
FUNDAMENTAL: Not a company with a history of great growth, but has posted tremendous growth in the past year and is on pace for a record year, smashing previous EPS yearly totals.
TECHNICAL: Has formed a series of sloppy bases but keeps chugging along. The stock is bouncing off its 50 day moving average today with good volume behind it.