Jerry Samet
06-02-2018, 11:43 AM
The market put in a strong session yesterday. The employment report came in very solid before the open and the major averages leapt higher and rallied for the rest of the day. All the major averages finished at or very near their intraday trading highs, showing that there was buying throughout the day as prices rose. The Nasd averages led the way with the COMPQ and the NDX higher by 1.51% and 1.67% respectively. The SPX also put in a very solid gain of 1.08%. Volume was lower across the board but was still a bit above average. The comparison was tough due to a restructuring on Thursday. Leading stocks put in a good session as well with many quality growth stocks building on recent gains and others presenting fresh buying opportunities. The leaders index was higher by .52% and closed in the upper half of its trading range. It underperformed because a couple of components of the index were hit during the session. The index has led the market higher and has spent the last three days consolidating those gains in a pretty constructive manner. The index held above its short term 9dma support level and volume was lower than Thursday but still above average. The market put in a very good showing yesterday. There was a strong open that was followed by gains throughout the day. The Nasd averages are very close to taking out their recent all-time highs, which would be very positive. The New York averages are struggling a bit more, but could come on. The secondary averages like the small and mid-caps and the semiconductor stocks are acting well. In addition leading stocks are acting well and producing worthwhile gains. There was a Eureka signal last week and when you combine that with the buy signal in the weekly Coppock we had three weeks ago the level of confidence is higher. Watch for new highs in the Nasd averages, but it looks like we will have higher prices at least for now. Jerry