Jerry Samet
01-11-2018, 06:39 PM
The market staged a strong rally today. After opening higher the major averages rallied for the rest of the session. Some late buying saw all the major averages close at their intraday trading highs, a sign of support. All the major averages made new all-time highs. The COMPQ was higher by .81% while the SPX gained .70%. The greatest strength today was in the small caps as the RUT was higher by 1.73%. Volume was mixed with the Nasd volume slightly lower and the New York volume a bit higher. It would have been preferable to see higher volume all around. Leading stocks also did well today with the leaders index rallying 1.22% and closing in about the middle of its trading range. The index made a new high today on both a closing and an intraday basis and it was the first session in three day where it did not trade below its short term 9dma support level. Volume on the index was lower than yesterday and below average. Higher volume would have shown better conviction among buyers. After a short consolidation in both the major averages and the leaders index the rally resumed today in encouraging fashion. There were solid gains across the board and more stocks produced attractive buy signals. The picture looks pretty bright right now and the rally is on solid ground. Jerry