Jerry Samet
11-24-2020, 06:22 PM
The market put in a strong session all around. The major averages opened higher and worked their way up for most of the day. All the major averages finished at or very near their intraday trading highs, a sign of strength. The gains were pretty evenly divided with the COMPQ and the NDX higher by 1.31 and 1.46% respectively. The SPX rallied 1.62%. Volume was nicely higher across the board. It was higher by 24.88% on the New York and 18.18% on the Nasd. Leading stocks took a rest today after yesterday’s strong advance. The leaders index was lower by .71% on the day. The index closed just below the midpoint of its trading range on slightly lower but still above average volume. The action today was very strong. The New York averages all made new highs today and the Nasd averages are very close. The higher volume showed that large institutional players were buying stocks today, a good sign. More good news on the vaccine front and signs of the transition beginning helped the market. The leaders index broke into new high ground strongly yesterday and the New York averages followed them today. The market is acting like it wants to go higher. We are also in a seasonally positive time so the market will likely work its way higher, at least in the short term. With the holiday I will be taking the rest of the week off. The updates will resume on Monday. I hope everyone has a happy Thanksgiving. Jerry