Jerry Samet
01-24-2017, 06:30 PM
The market rallied strongly from the open today. The major averages were higher early and moved up for the rest of the session. The COMPQ was higher by .86% while the SPX rallied .66%. Small and mid-cap stocks participated with the RUT and MID gaining 1.59% and 1.52% respectively. Semiconductor stocks were the strongest of all with the SOX higher by 2.02%. There were new highs in many of the major averages, including New york averages. Volume was higher across the board, just what you want to see on a good rally day and all the major averages closed high in their intraday trading ranges. Leading stocks were stronger as well with the leaders index gaining 1.89% on higher volume, a good sign. The index made new highs on both a closing and an intraday basis. There were a solid number of fresh breakouts today as stocks moved on good earnings reports and market friendly actions from the new government. After trading in a consolidation range the SPX and the NYA broke into new high ground today. This is what I have been looking for to improve the picture. The Nasd averages, as well as many other secondary averages are at new highs also. Today was a very positive session and it looks like the market wants to go higher. Jerry