Jerry Samet
01-14-2017, 12:05 PM
The market had a fairly solid session yesterday, especially considering it was Friday the 13th. After opening stronger the major averages made their highs within a half hour of trading and mostly held their gains the rest of the day. The Nasd averages showed greater strength with the COMPQ gaining .48% and the NDX rallying .36%. The New York averages lagged again with the SPX higher by .18%. The DOW had solid gains early and actually closed lower. Small and mid-cap stocks were strongest with the RUT and MID gaining .81% and .54% respectively. The Semiconductor stocks were also strong. The Nasd averages closed in the upper half of their intraday trading ranges while the New York averages finished near the bottom of their trading ranges. Volume was mixed on the day. It was lower on the Nasd and very close on the New York. IDB had it lower while Esignal had it slightly higher. Take your pick. Leading stocks participated in the rally yesterday with the leaders index gaining .76% on the day. The index closed low in its trading range, but held above its short term moving averages. The index is struggling to hold its recent breakout into new high ground. It would be encouraging if the index would start moving higher and negative if it falls back into its consolidation pattern. The New York averages, along with the small and mid-cap averages are in pretty tight consolidation patterns right now. It would really improve the picture if they could join the Nasd averages by breaking into new high ground, especially with strong volume behind the move. jerry