Jerry Samet
07-09-2019, 07:16 PM
The market put in a positive session today. The major averages opened lower and it looked like there would be a weak session. All the major averages made their lows in the first five minutes of trading and spent the rest of the day rallying. Some buying near the close saw all the major averages finish at or very near their intraday trading highs, an encouraging sign. The Nasd averages were the strongest with the COMPQ and the NDX gaining .54% and .53% respectively. The SPX was higher by .12%. Volume was mixed, according to Esignal. It was higher by 7.32% on the New York and lower by 3.56% on the Nasd. You would have liked to see higher volume on the Nasd as that is where the real strength was. Leading stocks had a good session as well with the leaders index gaining 1.55% on the day. It held its short term moving averages and closed near the top of its trading range. The chart of the leaders index looks good and the relative strength line is near its old highs. Volume was higher, positive action when prices rally. The market acted pretty well today. There was a weak open followed by a strong close, the signature of a market that wants to go higher. The major averages have closed high in their trading ranges for three days in a row, a sign of support. It looks like we should see higher prices in the days ahead. Jerry