Jerry Samet
07-11-2020, 11:25 AM
The market put in another positive session yesterday. After a little early weakness the major averages bottomed quickly and rallied nicely the rest of the day. All the major averages finished at or very near their intraday trading highs, a sign of support. The New York averages led the way with the SPX gaining 1.05% on the day. The COMPQ and the NDX were higher by .66% and .76% respectively. Volume was lower across the board. It declined 13.09% on the Nasd and 5.89% on the New York. It is not unusual to see lower volume on a Friday in the summer as many market participants leave early for the weekend. Leading stocks took a little break yesterday with the leaders index falling .48% on the day. The index closed near the top of its trading range and volume was lower and slightly below average. The market continues its rally with the Nasd averages making new highs again. The New York averages continue to lag but the SPX is getting close to its recent highs. Leading stocks took a rest with the leaders index slightly lower n the day, but it occurred on lower volume. The chart of the index still looks fine. The rally remains on solid ground, although the Nasd averages are getting a little extended in the short term and are vulnerable to a pullback. Overall the market and quality growth stocks look solid and we likely have not seen the top of this rally. Jerry