Jerry Samet
08-27-2020, 06:26 PM
The market put in a bit of a mixed performance today. The New York averages were the leaders today with the SPX gaining a mild .17%. The Nasd averages took a rest after yesterday’s strong advance. The COMPQ and the NDX declined .34% and .38% respectively. The New York averages finished in about the middle of their intraday trading ranges while the Nasd averages closed just below the middle of their trading ranges. Volume was slightly higher across the board. It gained 5.92% on the New York and 3.30% on the Nasd. This was enough to produce a fresh distribution day on the Nasd averages. Leading stocks were generally weaker than the overall market. The leaders index fell 2.32% on the day. It traded below its 50dma but closed above it. Volume was high. The FFTY also declined by 1.50%. The current leaders index is going on five months old and has several stocks that are broken badly. I will work on a new leaders index over the next couple of days. The market too a breather after yesterday’s strong advance. The New York averages built on their gains while the Nasd averages held most of yesterday’s solid gains. The action was overall positive. There will not be an update tomorrow as I will work on a new leaders index. It really isn’t doing its job if it is dancing with its 50dma while the major averages make new highs. The updates will resume on Monday with a new leaders index. Jerry