Jerry Samet
01-10-2019, 07:25 PM
The market opened lower today and the major averages showed some decent losses. It looked like there would be some well deserved corrective action after the steady advance since the session after Christmas. The major averages soon bottomed out and reversed higher. Powell was giving an interview and made very market friendly comments, causing the market to rally. All the major averages rallied into the close and finished at their intraday trading highs, a sign of support. The COMPQ and the NDX were higher by .42% and .31% respectively. The SPX gained .45%. The semiconductor stocks continued to be the strongest with the SOX moving up .97% and going further above its 50dma. Volume was lower across the board. Leading stocks rallied along with the overall market. The leaders index was lower by .24% because one component, DECK, was off by over 10%. Without it the index did much better. I will look at possible alternatives to this broken stock over the weekend. The market is acting well right now. The major averages continue to rally and although there are not a great number of attractive stocks, their number is increasing and there were a few good breakouts today. We will have the final number tomorrow but it looks pretty certain that the weekly Coppock will signal and confirm the recent follow through. The market is acting like it wants to go higher. The prospects for the follow through that occurred last Friday are improving. We still face the fact that the major averages are now very close to their 50dma resistance levels. It they can break above this resistance the prospects for further gains will brighten. Jerry