Jerry Samet
10-10-2020, 11:26 AM
The market rallied solidly again yesterday. The major averages opened higher and spent the rest of the session rallying or holding their gains. All the major averages closed at or very near their intraday trading highs, a sign od strength. The Nasd averages were the strongest with the COMPQ and the NDX climbing 1.39% and 1.51% respectively. The SPX gained a solid .88%. Volume was mixed. It gained 6.88% on the New York and declined a slight .22% on the Nasd. Leading stocks were strong as well with the leaders index gaining 1.92% on the session. The index closed near the top of its trading range on higher but well below average volume. The market put in another solid rally session yesterday. The major averages opened higher and spent the remainder of the day mostly working their way up. The major averages continued to tease us by getting close to a follow through on the broader averages. The SPX had higher volume but the price gain was not strong enough to qualify. The COMPQ had the necessary price gains but the volume was just .22% lighter. This is so close it makes you want to scream. A follow through on one of the broader averages would add a lot of conviction to this rally. Even without this the market is acting well. Prices are rallying and there are a good number of leading stocks that are acting well. The major averages clearly made new highs for the move and the semiconductor stocks, usually considered a bellwether for the overall market are very strong. The SOX made a new all time high yesterday. Overall the market is acting like it wants to go higher and so we will likely see higher prices ahead, despite all the uncertainty over the election and the pandemic. Jerry