Stock Market Summary Thursday July 19th 2012

Posted by Stephen Sutherland on Thu, Jul 19, 2012 @ 11:48 AM
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Yesterday's market action was neutral.

The Nasdaq Composite gained 1.1% on above average volume (Point A) indicating for a second day in a row that institutional investors were buying.

The S&P 600 appears to have formed a bullish cup-with-handle formation (Point B).

The breakout point for the 600 is at 456 (Point C).

Russia, global materials and India underperformed.

Leading stocks action was neutral.

The recent market activity has been encouraging however yesterday the move lacked breadth. It was a 'tech' fueled rally and many key sectors sat things out which was disappointing. I do have a feeling however that the sectors that failed to participate were simply consolidating, ready for a possible move soon to the upside.

Of course I may be wrong and as always I will take a stance on the market one day at a time. For now, the market continues to behave well.

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Topics: Stock Market Summary