Jerry Samet
07-23-2019, 07:30 PM
There was no update yesterday as my ISP was down. The market acted well today. After opening higher the major averages lost most of the gains before buying came in. There was a rally into the close and all the major averages finished at their intraday trading highs, a good sign. The Nasd averages were a little weaker with the COMPQ and the NDX gaining .58% and .63% respectively. The SPX rallied .68%. Volume was flat on the Nasd with a gain of .50%. Volume on the New York was up by a strong 13.40%. Leading stocks were more mixed on the say. The leaders index was lower by 1.36% on the session. This was due to large drops in two components of the index. IIPR declined by 8.99% and ENPH fell7.57%. The index closed in the upper half of its trading range but a touch below its important 17dma support level. Volume was higher but still just below average. The market is generally acting alright. The charts of the major averages show some consolidation in the last week or so, but they still look like they are in an uptrend. Leading stocks have not generally been acting as well as the overall market. The leaders index is consolidating in a fairly constructive manner and the index is acting ok even through several components of the index have suffered. The current rally that began with the follow through on 6/7 is still in effect, but it has not been a particularly strong rally. It is certainly not producing the gains that the rally after the follow through in January produced. The current rally is still in effect and it will qualify as a successful rally, but it is on the weaker side as successful rallies go. For now the market appears to want to go higher in at least the short term. Jerry