Jerry Samet
07-09-2018, 06:28 PM
The market had a strong session today. After opening higher there was a little give back then the major averages rallied into the close. All the major averages finished at their intraday trading highs with solid gains. The Nasd averages again led the way with the COMPQ and the NDX higher by .88% and .95% respectively. The SPX was higher by a solid .88%. Today volume cooperated by rising across the board. This is what we have been waiting to see. Leading stocks had a good session as well with the leaders index gaining .83% and closing near its highs of the session. This is a new high for the index on a closing basis. Like the overall market the volume on the leaders index was higher than Friday, a sign that large institutional players were buying stocks. Today’s action was very positive. There was a strong rally on a price basis and unlike the last two sessions there was higher volume to back it up. This was the last piece of the puzzle. The New York averages are showing life and are trying to catch up with the Nasd averages. Also the A’s minus E’s are turning up to join the Summation Index. The weekly Coppock continues to rise and went through this corrective action without any hesitation. It looks like the market is back on solid footing and should move higher going forward, at least for now. Jerry