Jerry Samet
05-16-2017, 06:25 PM
The market had a bit of a split personality today. The Nasd averages again led the way, mostly helped by gif cap Chinese tech stocks. The COMPQ was higher by .33% on the session while the SPX was lower by .07%. The Nasd averages closed at the top of their intraday trading ranges and made new all-time highs. After trading in a tight range the New York averages were unable to hold small gains and finished with very slight losses. They closed low in their trading ranges, showing some weakness. Volume was also mixed. It was higher and above average on the Nasd, which is good for a major average or stock to have when it is making new highs. Volume was lower on the New York, further showing the lagging action of these major averages. Leading stocks had another solid up session today. The leaders index rallied .67% and is in new high ground on both a closing and an intraday basis. The index also closed high in its trading range and is rising above all its short term moving averages. Volume was lower than yesterday but slightly above average. The relative strength line of the leaders index also made new highs and is in a strong uptrend. Overall it was a positive session today for both the major averages and quality growth stocks. The Nasd averages continued to lead, supported by large cap tech stocks. Today two stocks, SINA and WB, had powerful gap ups on earnings reports. Many other leading stocks followed. The fact that leading stocks are acting well and ahead of the overall market is good. The Nasd averages and the semiconductors are leading right now while the New York averages, along with small and mid-cap stocks are lagging. The rally looks pretty solid right now, but it would be good to see the lagging averages and sectors come to life. Jerry