Jerry Samet
07-24-2017, 06:34 PM
The market was in a somewhat mixed session today with an overall positive bias. The strength was in the Nasd averages while the New York averages lagged. The COMPQ and the NDX were higher by .36% and .34% respectively. The SPX lagged with a loss of .11%. Small and mid-cap stocks saw small gains while the semiconductor stocks had small losses. The Nasd averages all closed at the top of their intraday trading ranges while the New York averages finished in about the middle of their trading ranges. Volume was lower and below average across the board. Leading stocks had a good day as there were fresh breakouts and pocket pivots in a good number of quality growth stocks. The leaders index rose 2.18% and closed high in its trading range. This was a new high in both a closing and an intraday basis, an encouraging sign. The relative strength line of the index is also in new high ground. Volume was higher than Friday, although it was below average. The fact that leading growth stocks are outperforming the overall market is a very positive sign. When they lag it is time to become concerned. The action of leading stocks is very strong. The leadership continues to be in the big cap tech stocks as the Nasd averages all made new all-time highs. The New York averages seem to be resting in the last few days. The picture right now is positive and being invested in quality stocks and etf’s is the place to be. Jerry