Jerry Samet
02-26-2019, 07:05 PM
The market put in a pretty quiet session today. The major averages opened lower and then bounced around unchanged for most of the session before closing little changed. The Nasd averages were a little stronger with the COMPQ lower by .07% while the NDX was slightly higher by .11%. The Nasd averages closed in the upper half of their intraday trading ranges while the New York averages closed low in their trading ranges. Volume was lower across the board, which is what you want to see when the market is taking a rest. Leading stocks were slightly higher overall with the leaders index gaining .17% and closing in about the middle of its trading range. This is a new high for the index on both a closing and an intraday basis. Volume was much higher and well above average. The relative strength line also made a new high. The market took a rest today and traded in a fairly narrow range. After the rally we have had it would be good for the market to consolidate those gains. The leaders index is acting well and is making new highs on both a price and a relative strength basis. The market doesn’t usually get into trouble when quality growth stocks are outperforming. The overall picture looks good and the rally is currently on solid ground. Jerry