Jerry Samet
03-13-2017, 06:33 PM
The market traded little changed today with a slight upward bias. The Nasd averages led the way with the COMPQ higher by .24% and the NDX up by .16%. The New York averages lagged with the SPX gaining .04%. The major averages all closed at the top of their intraday trading ranges, a good sign. Volume was lower and below average across the board, showing that large institutional players were not heavily involved today. Leading stocks had another good day with the leaders index gaining 1.22% on the session. The index closed near the top of its trading range and made a new high on both a closing and an intraday basis. The relative strength line of the index also made a new high. Volume on the index was lower than Friday and below average. To confirm the strength in the leaders index there were only eight stocks in the IBD 50 that were lower on the session. The fact that quality growth stocks are leading the overall market and going into new high ground is encouraging. The charts of the major averages show a similar pattern but have not gone on to new highs. If this were to happen it would be a very positive event and bode well for a continued advance. Jerry