Jerry Samet
08-06-2018, 07:19 PM
The market put in a pretty solid performance today. The major averages rallied for most of the session today and they all finished at or very near their intraday trading highs. The Nasd averages were the strongest with the COMPQ and the NDX gaining .61% and .59% respectively. The SPX was higher by .35%. Volume was higher on the Nasd and lower on the New York. Leading stocks were generally higher as well. The leaders index was over three months old and there were quite a few stocks that have broken down. I therefor created a new index consisting of 23 stocks in 17 different industry groups. A text file of the components of the new index is included. The new index recently broke into new high ground on heavy volume. The relative strength line of the index is also in new high ground. The index is a little light on tech stocks because they have been fairly weak lately. The action of the market was positive today. The SPX broke above recent highs and is close to all-time highs. The Nasd averages are still in an encouraging bounce off their 50dma’s. It looks like the market is trying to work its way higher. Tech stocks are stalling right now but it looks like other stocks and groups are coming forward to assume leadership. Overall this is a good sign. Jerry