Jerry Samet
11-11-2020, 06:31 PM
The market somewhat reversed its recent rotation today with stocks that have been hit in the last two sessions bouncing back. The Nasd averages were the strongest today with the COMPQ and the NDX gaining 2.01% and 2.31% respectively. The SPX was up by .77%. All the major averages finished high in their intraday trading ranges. Volume was lower across the board. It fell 23.66% on the New York and 19.75% on the Nasd. Leading stocks were higher as well with the leaders Index gaining 3.28% on the day. The index closed near the top of its trading range on lower but above average volume. The index remained above its short term 9dma the whole time. The market reversed somewhat the rotation of the last couple of days since the vaccine announcement. Tech and other growth stocks were strong with some of the recent losses being recovered. Stocks that have done well in the last two days held up pretty well. It is to early to tell if this rotation back to leading growth stocks is a one day event or will continue. The rally continues to look like it is on shaky ground and caution in taking and holding positions should be exercised. Jerry