Jerry Samet
12-06-2017, 06:20 PM
The market put in a mixed performance today. The major averages were little changed on the session, but there was a bit of a reversal in roles. The Nasd averages were strongest while the New York averages lagged. The COMPQ finished the day higher by .21% and the NDX gained .45% as tech stocks rebounded. The SPX was flat with a decline of .01%. The Nasd averages closed high in their intraday trading ranges while the New York averages closed in the middle of their trading ranges. Volume was lower across the board, not what you want to see with the Nasd averages trying to rally. Leading stocks were higher, but it was not a convincing rally. The leaders index was higher by .79% and closed in about the middle of its trading range. The index again tried to get above its important 50dma resistance level but was unable to overcome this obstacle. Volume on the index was lower, but still above average. The tech stocks, particularly the big cap techs, rallied today, but the advance today was much less than recent declines and on generally lower volume. This is a weak bounce. The charts of the major averages are looking better than the charts of quality growth stocks. We need to see some strong moves in leading stocks and the leaders index must break above its 50dma with some conviction to really improve the picture. A somewhat defensive posture is still called for. Jerry