Jerry Samet
04-12-2018, 06:47 PM
The market staged a solid rally session today. The major averages opened higher and had a slight positive trajectory most of the day. A little late weakness saw the major averages finish off their highs, but the Nasd averages closed in the upper half of their intraday trading ranges while the New York averages closed in about the middle of their trading ranges. The COMPQ was higher by 1.01% while the SPX gained .83%. Volume was mixed. It was a bit higher on the Nasd and a bit lower on the New York. Leading stocks were higher as well with the leaders index rallying 1.59% on the session. The index made new highs on both a closing and an intraday basis. The candle is red because the index closed below the opening price. The leaders index closed in the lower half of its trading range and volume was lower than yesterday. The market continued to show positive action since the follow through earlier in the week. The price gains were solid today and volume was higher on at least the Nasd . The major averages continue to work their way higher and the next target on the upside for the market is the declining 50 day moving averages of the major averages. This resistance must be overcome with some real conviction to show that this rally attempt has legs. One thing that is a little worrisome is the fact that there have not been a lot of breakouts and the number of compelling buys is small. Earnings season is getting into full swing and that will set a lot of the tone for trading, but so far the follow through is off to a solid start. jerry