Jerry Samet
10-28-2019, 06:26 PM
The market staged a solid rally today. The major averages opened strong on good earnings reports and trade news. They held their early gains and made a bit more progress during trading. All the major averages finished high in their intraday trading ranges. The Nasd averages were the strongest with the COMPQ and the NDX rallying 1.01% each. The SPX gained .56%. Volume was higher across the board. It gained 1.29% on the Nasd and .11% on the New York. The gains were small but they were still gains. Leading stocks were generally higher but lagged the overall market. The leaders index was flat with a decline of .06%. There were no really large gainers and losers today, just not much action. Other measures of leading growth stocks, like the IBD 50 and the FFTY also underperformed. Volume on the leaders index was lower and below average. The action today was encouraging. The SPX joined the NDX in new high ground and the COMPQ is not far behind. The higher volume as prices rose is also a good sign. The action on the market in the last few days is encouraging. There have been new highs in many major averages and it is likely more will follow. There are signs of accumulation under the surface and it looks like the weekly Coppock is turning up. The real negative right now is that quality growth stocks are not acting as well as the overall market. This is something that must be watched, but it looks like we will see higher prices in the days ahead. Jerry