Jerry Samet
12-01-2020, 06:28 PM
The market put in a strong rally session today. The major averages opened higher and worked their way slightly higher most of the rest of the session before a little late selling came in and they closed off their highs. All the major averages finished in the upper half of their intraday trading ranges. The Nasd averages were a little stronger with the COMPQ and the NDX gaining 1.28% and 1.52% respectively. The SPX was higher by 1.13%. Semiconductor stocks continued to be the greatest area of strength with the SOX higher by 1.74%. Volume was mixed. It was lower by 10.19% on the Nasd and higher by 1.92%, according to Esignal. The Nasd number is very close so other data feeds could have different results. Leading stocks were generally higher but not by as much as the overall market. The leaders index was lower by 4.45% on a large decline. This was due to a couple of Chinese stocks that were hit hard. NIO lost 10.23%, DQ down 6.28% and LI down 3.14%. I may have to look into replacing a few components of the index as to have it keep up a little better. The index broke below its 9dma but held its 17dma. The market put in a strong rally today. Encouraging news on the vaccine front and talk of progress on a stimulus bill helped the market, although some late news threw a little cold water on that. The major averages made new highs today on solid volume, even if it wasn’t higher than yesterday’s very high numbers. The major averages and to a slightly lesser extent in the last few days the leading stocks. You never know how high a market can rally and this one is acting like it wants to go higher. Jerry