Jerry Samet
10-02-2017, 06:29 PM
The market staged another positive session today with solid gains all around. The major averages opened higher and then saw some weakness after about an hour of trading. The Nasd averages were hit hard as big cap techs sold off. New York stocks led the way as the SPX and the NYA were higher by .39% and .45% respectively. The COMPQ recovered from earlier selling and closed with a gain of .32%. The weakness in big cap techs showed up in the NDX, which was up by only .04%. The greatest strength was again in the small cap stocks with the RUT higher by 1.25%. All the major averages closed at or near their intraday trading highs, a good sign. There were also new highs on all the major and secondary averages, except the NDX. Volume was mixed. IBD said it was higher across the board. Esignal showed it very slightly higher on the Nasd, but lower on the New York. Leading stocks rallied as well with the leaders index gaining .89% on lower volume. The index closed about in the middle of its trading range, but this was enough for a new high on both a closing and an intraday basis. Weakness in the biggest tech stocks hurt the index and probably accounted for its mid-range close, but the chart of the index look good. Today’s action was good. Even the Nasd averages closed with gains after their early decline, which was a little nerve racking. The weakness was confined to the big cap techs as the SOX gained .60% and made a new high. There was strong accumulation in the market as the A rated stocks for accumulation were very strong. All the short term indicators I look at are positive. The rally looks like it is on solid ground and we should see higher prices in at least the short term. Jerry