Jerry Samet
06-05-2017, 05:59 PM
The market took a rest today after two solid up days at the end of last week. The major averages traded in a pretty tight trading range and closed with small losses at the lows of their intraday trading ranges. The COMPQ finished with a decline of .16% while the SPX lost .12%. Volume was lower and below average across the board, a good sign when prices are declining or consolidating moves higher. It shows that large institutional players were not unloading stocks. Leading stocks performed pretty much in line with the overall market. There were small declines as the leaders index fell .08% on lower and below average volume. This shows that the index held its gains of last week and traded at new intraday highs early in the session. The index closed in the lower half of its trading range, but well off the lows. The action of the market today was overall constructive. After rallying into new high ground last week the major averages and the leaders index held those gains by pretty much standing pat on lower volume. The declines were very small. The rally is intact and quality growth stocks are generally acting well. We should see higher prices in at least the near term. Jerry