Jerry Samet
11-19-2020, 06:18 PM
The market put in an overall solid performance today. The major averages opened lower and then spent most of the rest of the session working their way higher. All the major averages all closed at or very near their intraday trading highs, a good sign. The Nasd averages were the strongest with the COMPQ and the NDX gaining .87% and .76% respectively. The SPX rallied .39%. There was real strength in semiconductor stocks with the SOX gaining 1.57% and closing near its old high. Volume was mixed. It fell 17.92% on the New York and rose 13.58% on the Nasd. Leading stocks had a strong session with the leaders index rallying 3.87% and closing high in its trading range. The index remained above its short term 9dma and the relative strength line of the index made a new high. The market put in a fairly positive session today. The major averages opened lower and spent the rest of the day working their way higher. The strength continued into the close and all the major averages finished at their highs. Both the leaders index and the major averages seem to be consolidating right now. If they break above these consolidation ranges it will be a very positive development. The relative strength line of the leaders index making a new high is also positive as it shows that quality growth stocks are generally acting better than the overall market. It is a tough market to call right now,. I mentioned some factors yesterday to called for caution, but the market is acting ok. At this point we should watch to see if the major averages and the leaders index can overcome their recent consolidations. Jerry