Jerry Samet
02-21-2017, 06:33 PM
The market opened strong today following strength in the overseas markets. After gapping higher at the open the major averages rallied for the rest of the session and they all closed at their intraday trading highs. The New York averages were strongest with the SPX gaining .60% while the COMPQ rallied .47%. Volume was mixed, higher on the Nasd and lower on the New York. Both were above average. Virtually all the major averages made new closing and intraday highs today. Leading stocks joined in the upside action with the leaders index climbing .79%. It closed in the upper half of its trading range and broke above the consolidation range it has been in for the last nine trading sessions. It now joins the major averages in new high ground, a positive development. Volume was higher than Friday, but still below average. The action of the market today was very encouraging. Quality growth stocks joined the major averages in making new highs, something I have been looking for. The leaders index consolidated after an advance and now looks like it is headed higher. The major averages have shown a string of advances, the COMPQ has been up nine of the past ten sessions and closed at its intraday highs almost every day. This is a sign of real support. The major averages may be getting ahead of themselves on a very short term basis and it would not be unexpected for them to take a rest and let their important moving averages catch up. Despite this the rally is on track and it appears the market is headed higher. Jerry