Jerry Samet
02-19-2020, 06:36 PM
The market put in a strong rally day today. The major averages opened higher and spent most of the session working their way up. The greatest strength was in the Nasd averages with the COMPQ and the NDX gaining .87% and .92% respectively. The SPX was higher by a solid .47%. The semiconductor stocks showed unusual strength with the SOX gaining 2.61%. All the major averages made new highs on both a closing and an intraday basis. The Nasd averages finished high in their intraday trading ranges while the New York averages closed in about the middle of their trading ranges. Volume was mixed. It was up a strong 10.20% on the Nasd and lower by just .98% on the New York. Leading stocks had a strong session also with the leaders index gaining 2.27% on day. The index closed near the top of its trading range and volume was lower and about average. The rally continued today in solid fashion. All the major averages made new highs today. Volume confirmed the new highs on the Nasd averages and volume on the New York was very close. This is very positive action. Leading stocks did well also with the leaders index making new highs on both a closing and an intraday basis. It was a solid gain and a clear move into new high ground. It would have been better if there was more volume, but it is still overall positive action. The rally continues in the major averages as they continue to rally higher into record territory. Quality growth stocks look like there are also trying to catch up with the leaders index moving into new high ground. Overall the market looks good and, barring any unexpected events the market should move higher. Jerry