Jerry Samet
06-01-2017, 06:05 PM
The market rallied strongly today as it opened higher and moved up the rest of the session. The major averages finished with solid gains as the COMPQ was higher by .78% and the SPX gained .76%. All the major averages closed at their intraday trading highs due to late buying. Volume was lower across the board, but was above average on the Nasd. You would like to see a good rally occur on higher volume, but it was still positive. Leading had a good session as well with the leaders index rallying 1.13%. The index closed high in its trading range, a positive sign, on lower and below average volume. The index made a new high on both a closing and an intraday basis and is above all its short term moving averages. The market resumed its rally today as both the COMPQ and the SPX made new highs. The greatest strength today was in the small and mid-cap stocks as the tech stocks took a bit of a rest. The consistent buying today combined with late strength shows support for stocks. It would have been more positive if there were more volume, but there was a lot of strength today and the outlook, in at least the near term, is positive. Jerry