Jerry Samet
11-16-2019, 11:00 AM
The market staged a very positive session yesterday. The major averages opened higher and spent the rest of the day working their way up. Some late strength saw all the major averages finish at their intraday trading highs, a sign of support. The gains were pretty evenly spread out with the COMPQ and the NDX gaining .73% and .70% respectively. The SPX rallied .77%. Volume was mixed. It was higher by 3.57% on the Nasd and lower by .54% on the New York. The New York figures were so close that different data feeds could have different results. Leading stocks put in another good session. The leaders index was higher by 1.21%. The index closed near the high of its trading range and volume was higher and about average. The current rally looks like it is proceeding well. All the major averages made new highs on both a closing and an intraday basis. Volume was higher on the Nasd and very close on the New York. This is also positive. Quality growth stocks are acting better as well. The leaders index is in a strong rally and continues to rise above its 9dma, an encouraging sign. The relative strength line of the leaders index is also at new highs. There are also other indexes of leading stocks that have been picking up in the last couple of weeks, the FFTY being one of them. The picture looks good right now and the rally into yearend looks like it is on course. Jerry