Jerry Samet
02-06-2021, 10:45 AM
There was no update on Thursday due to a data problem. The market put in another overall positive session yesterday. The major averages opened higher and spent most of the remainder of the session holding on to those gains. All the major averages finished high in their intraday trading ranges. The Nasd averages were a little stronger with the COMPQ and the NDX gaining .57% and .32% respectively. The SPX rallied .39%. The greatest strength was again in the small caps with the RUT higher by 2.38%. Volume was mixed. It rose 3.22% on the New York and fell 7.38% on the Nasd. This showed more buying pressure in Nasd stocks. Leading stocks were generally higher on the session as well. The leaders index was higher by .32% on the day. The index closed near the top of its trading range on lower and very light volume. The market continues to work its way higher with the major averages breaking into new high ground each of the last two sessions. Leading stocks are generally acting well also, but a couple of components of the leaders index have been weak the last couple of days and that is holding the index back from making a new high. Other indexes of quality growth stocks have done a bit better in the last couple of days. The market is extended and I have been saying that there are a lot of warning signs out there of a dangerous market. With all the stimulus coming it appears that we have not seen the absolute high yet and the market will likely continue to work its way higher in the short term. Jerry