Jerry Samet
11-23-2020, 06:28 PM
The market kind of a mixed session today with a positive bias. A little early strength was lost as the major averages sold off into negative territory. They bottomed out and rallied for most of the remainder of the day. The Nasd averages again lagged and closed in about the middle of their intraday trading ranges. The New York averages finished near the top of their trading ranges. The COMPQ was higher by .22% while the NDX was flat. The SPX gained .56%. Volume was higher across the board. It rose a strong 20.18% on the New York and was higher by only .30% on the Nasd. Leading stocks had a strong session with the leaders index higher by 6.41% on the day. The index closed near the top of its trading range and it was a new high for the index on both a closing and an intraday basis. The market put in an overall positive session today. The major averages were moderately higher on higher volume. The real strength was again in the small and mid-cap stocks, along with the semiconductors. The RUT, MID and SOX are all in new high territory. Leading stocks are acting very well. The leaders index has clearly broken out and is in new high ground on both a price and a relative strength basis. The market is generally acting well and while it is not the strongest rally it is working its way higher. Quality growth stocks are outperforming and that is a good sign. You rarely see the market get into a lot of trouble when leading stocks are outperforming the overall market. Jerry