Jerry Samet
10-30-2019, 06:21 PM
The market put in another encouraging session today. After trading unchanged to a bit lower before the Fed announcement the market started rallying during the press conference. All the major averages finished at or very near their intraday trading highs, a good sign. The gains were pretty evenly spread around. The COMPQ and the SPX were both higher by .33% while the NDX gained .46%. Volume was higher across the board, up by 8.61% on the New York and 4.74% on the Nasd. Leading stocks were generally higher on the session, but again mostly lagged the overall market. The leaders index was off by .35% on the day. This was because two components of the index took large hits. SEDG was off by 7.88% and TMHC fell 6.82%. Other components of the index did well. Volume was lower despite the large increases in these two stocks. The market acted well today. It did little before the Fed announcement and rallied strongly into the close. There is a good deal of accumulation under the surface and we may well get a weekly Coppock buy signal at the end of the week. This would be very positive. We are entering a seasonally positive time of year and the market usually rallies at the end of the year early into the new year. It looks like the market is headed higher. Jerry