Jerry Samet
06-12-2018, 06:43 PM
The market put in another solid session today. After early strength the major averages sold off later in the session only to rally back into the close. All the major averages finished at or very near their intraday trading highs, a good sign. The Nasd averages were again the strongest with the COMPQ and the NDX gaining .57% each. The SPX rallied .17%. Volume was higher across the board, just what you want to see on a rally day. Leading stocks were strong as well with the leaders index gaining 1.06% on the day. The index closed just below the midpoint of its intraday trading range, but this was enough for new highs on both a closing and an intraday basis. The relative strength line of the index also made a new high. Volume on the index was higher and well above average. The market is acting very well right now. The Nasd averages made new highs today along with the leaders index. The new high in the relative strength line of the leaders index is a very positive sign. The market does not top out when quality growth stocks are outperforming. The Fed announcement will set the tone for trading tomorrow, but things look good. Jerry