Jerry Samet
11-04-2017, 11:38 AM
The market staged a nice rally yesterday. After hesitating a bit at the open the major averages spent the rest of the session advancing. The Nasd averages seem to have resumed their leadership with the COMPQ higher by .74% and the NDX doing even better with a gain of .95%. The New York averages lagged as the SPX was higher by .31%. The greatest strength was again in the semiconductor stocks with the SOX making another new high by gaining 1.77%. All the major averages made new all-time highs in yesterday’s trading and they all closed at their intraday trading highs, a sign of support. Volume was lower across the board, which is not that unusual on a Friday. Leading stocks had a solid session as well with the leaders index gaining 1.59% on the session. The index finished high in its trading range and made a new closing high, but not a new intraday high. It remains above all its short term moving averages and the relative strength line is just below its old high. Volume on the leaders index was lower than Thursday and about average. The market seems to be resuming its rally after a short consolidation. The major averages are at new highs and while you would like to have seen higher volume on a rally to new highs the action is positive. Leading stocks are generally acting well and it looks like the market is on solid ground. Jerry