Jerry Samet
08-04-2020, 06:28 PM
The market had a fairly quiet session today, but it had a solid upward bias. The major averages opened a little weaker but then traded not far from unchanged for much of the session. Late buying came in and all the major averages finished with modest gains and at or very near the top of their intraday trading ranges. The modest gains were pretty evenly divided with the COMPQ and the NDX rallying .35% and .38% respectively. The SPX was higher by .36%. Volume was mixed. It fell 5.24% on the Nasd and rose 2.41% on the New York. Leading stocks were moderately higher as well with the leaders index gaining .23% on the day. The index closed high in its trading range and made anew highs on both a closing and an intraday basis. Volume was lower and below average. The action of the market today was positive. After the advances we have seen in the last few days we saw some constructive consolidation today. The market and leading stocks not only held on to the recent gains but managed to build on them. The Nasd averages are making new all time highs while the New York averages have broken above recent highs and are making a run for their old highs. Quality growth stocks are acting well right now, and that is a positive sign. Since I created the current leaders index after the COMPQ followed through on 4/8 the IBD 50, as of yesterday’s close, was higher by 38.49%. The FFTY, the ETF that tracks the IBD 50, is up 36.43%. The current leaders index that I created on 4/8 is higher by 56.33%. Nice performance all around, especially for the leaders index. It is completely unmanaged and outperformed by a large amount. The action of the market remains positive and the rally appears to be on solid ground. Jerry