Jerry Samet
11-12-2019, 08:54 PM
There was no update yesterday due to some data problems. The market yesterday acted well. There was a sizable early selloff that was mostly recovered by the close. Today was a little of the opposite. There was strength early and the major averages produced nice gains. There was some hope that Trump would announce progress on a trade deal, but that didn’t happen. There was selling that erased most of the early gains. Some late buying brought the major averages off their lows. All the major averages closed in the lower half of their intraday trading ranges. The Nasd averages were a little stronger with the COMPQ and the NDX gaining .26% and .27% respectively. The SPX rallied .16%. Volume was higher across the board. There was an easy comparison due to the holiday yesterday, but it was still higher. This was enough to produce a stalling day on the major averages. Leading stocks acted fairly well. Since the leaders index was acting so badly as the market made new highs I decided to create a new index. It has 22 stocks in 17 different industry groups. It has been acting well lately and was up .60% today. Both the index and the relative strength line are at new highs. Volume was higher and about average. The market is still acting well. It got bounced around today on news, but overall the picture is still favorable. New highs were made today on higher volume. There has been a bit of a run in the last week or so and the market is entitled to take a rest. My two shorter term indicators, the Summation Index and the As minus E’s have both turned down, but this may not be more than short term. There appears to be little so far that would prevent higher prices into yearend. Jerry