Jerry Samet
07-13-2019, 12:35 PM
The market put in a solid rally session today. After opening higher the major averages sold off a little early but then rallied consistently into the close. All the major averages finished at their intraday trading highs, a sign of support. The Nasd averages were a little stronger with the COMPQ and the NDX gaining .59% each and the SPX higher by .46%. All the major averages made new closing and intraday highs. Volume was lower across the board, down 5.46% on the New York and 9.84% on the New York. Leading stocks were generally higher but underperformed the overall market. The leaders index was higher by only .02%. Most of that weakness was due to an 8.39% drop in IIPR on huge volume. The index held above its short term 9dma support level and closed high in its trading range. Volume was higher but still well below average. The market staged a solid rally yesterday in a continuation of the move that began with the recent follow through. The action was good as the price gains were solid and new highs were made almost across the board. The only issue yesterday was volume. You would prefer to see higher volume when the market makes new highs, but it was a Friday in the summer, so there is sometimes lighter volume as market participants sometimes leave early to get a jump on the weekend. The market is acting well and there are a good number of attractive stocks out there to invest in. It looks like the rally has further to go. Jerry