Jerry Samet
08-05-2020, 06:53 PM
The market put in another positive session today. It was a fairly quiet day with an upside bias. The major averages opened higher and had a slight upside bias for the rest of the session. All the major averages closed near their intraday trading highs, showing support into the close. The New York averages were a little stronger today with the SPX gaining .64%. The COMPQ and the NDX were higher by .52% and .26% respectively. The small caps were the strongest today with the RUT rallying 1.91% and the MID gained 1.39%. Volume was higher across the board. It gained 2.87% on the Nasd and 1.10% on the New York. Leading stocks built on their recent gains with the leaders index higher by .57% on the session. This is a new high for the leaders index on both a closing and an intraday basis. Volume was lower and very light. The market put in another solid showing today as there were moderate gains on higher volume. The Nasd averages all made new highs today while the New York averages made new highs for the move and are closing in on their all time highs. Leading stocks are doing well and the major averages are either making new highs or are very close. The rally continues and looks to be on solid ground. The employment report will be out on Friday and that could effect the market. Today we saw the ADP report and it came in a lot below expectations, but last months numbers were revised higher. The market went higher on what would overall be considered a weak report. That is the sign of a strong market. It doesn’t look like the rally is finished. Jerry