Jerry Samet
04-13-2021, 06:21 PM
The market put in an overall positive session today. After opening slightly higher the major averages rallied for most of the session and all closed high in their intraday trading ranges. The Nasd averages again led the way with the COMPQ and the NDX gaining 1.05% and 1.21% respectively. The SPX was higher by .33%. Volume was mixed. It was almost unchanged at a .46% decline on the Nasd and higher by 5.29% on the New York. Leading stocks were mixed with the leaders index declining 1.67% on the day. Much of this was caused by declines in a couple of components of the index. The leaders index closed in about the middle of its trading range and it held its short term 9dma at its lows. Volume was lower and below average, what you want to see on a pullback. The Nasd continued to lead as it looks like tech and growth stocks may be resuming their leadership. The SPX made a new high again today, and for the first time the NDX also joined it in new high ground. This is the first Nasd average to do so, although the COMPQ is very close. The overall picture continues to be positive. The NDX at new highs is encouraging. The leaders index is acting well and may take a break here after its recent advance. If the leadership is shifting back to tech and growth stocks it will be interesting to see how this leaders index acts. It was made when small caps and mostly financials were leading so it has fewer tech stocks than most do. Right now it looks like we will se higher prices in at least the short term. Jerry