Jerry Samet
07-01-2020, 06:24 PM
The market had a bit of a mixed session today. The main major averages did well, while others didn’t. The Nasd averages and the SPX had solid gains while the mid cap and small cap stocks, along with the semiconductors, were lower. The COMPQ and the NDX led the way with gains of .95% and 1.21% respectively. The SPX was higher by .50%. The MID and RUT were lower by .70% and .97% while the SOX declined 1.48%. Some late selling saw the major averages finish off their highs, but they still finished in the upper half of their intraday trading ranges. Volume was higher across the board. It gained 1.07% on the New York and 8.01% on the Nasd. This is positive. Leading stocks rallied as well with the leaders index higher by .80% on the session. The index closed high in its trading range and made new highs on both a closing and an intraday basis. Volume was slightly lower and below average. The action today was overall positive. The Nasd averages made new highs along with the leaders index. Quality growth stocks are acting pretty well right now, and that is encouraging. Volume was higher across the board today as prices rose. That shows that large institutional players were buying stocks today. The SPX remains below its highs and this is an issue. Divergences like this are never good and a move into new high ground by this major average would be a very positive development. Right now the market looks like it is on solid ground and we should see higher prices ahead, at least in the short term. Jerry