Jerry Samet
11-07-2019, 06:20 PM
The market opened strong today on news from China that a first phase deal was pretty much dome. All the major averages rallied strongly and made new intraday highs. There was some selling later in the session when Washington threw a little cold water on that. The major averages still closed with solid gains, but they all finished low in their intraday trading ranges. The gains were pretty evenly divided with the COMPQ and the NDX rallying .29% and .30% respectively. The SPX gained .27%. Volume was mixed, up 1.82% on the Nasd and lower by 8.80% on the New York. Leading stocks were mixed. The leaders index declined .92% on the day. It was not just one or two stocks selling off hard but several making decent declines. Other indexes of quality growth stocks showed modest advances. The leaders index tagged its 50dma but rallied above it while it remains below its short term moving averages. Volume was lower but still above average. The market had a strong rally early on good trade news and then lost much of those gains on not so good trade news. The major averages still closed with solid gains. All the major averages made new intraday highs today and the New York averages made new closing highs. The market is still acting well overall and that suggests higher prices ahead. The only real negative lately has been the underperformance in quality growth stocks. This continues to hang over the market, but at least for now it looks like the market will work its way higher into yearend. Jerry