Major averages rose yesterday but on lower, below average volume. Meanwhile, major markets around the world rose on hopes Greece would reach a solution on its debt issue.
The NASDAQ Composite and Russell 2000 look as if they want to continue their new uptrend while the S&P 500 and DJIA still look stuck in their sideways malaise. Since major markets correlate, the question is whether the NASDAQ and Russell 2000 will win the tug-o-war and continue higher which would presumably help both the S&P 500 and DJIA hit new all-time highs.
The healthy action of leading stocks seem to tilt the odds in favor of a new uptrend, but keep in mind that a number of profitable stocks over the last many weeks have come about during this sideways chop-and-slop market. So it seems the low hanging fruits continue to take the form of actionable stocks until proven otherwise. In fact, many leading stocks had already had strong moves prior to the NASDAQ's breakout to all-time highs last Thursday, demonstrating that investors would do well to focus more on the action of individual stocks rather than the uneven action of the indexes.
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