Jerry Samet
05-20-2021, 06:24 PM
The market staged a nice rally today. The major averages opened higher and spent the rest of the session working their way up. All the major averages finished high in their intraday trading ranges. The Nasd averages led the way with the COMPQ and the NDX gaining 1.77% and 1.94% respectively. The SPX was higher by 1.06%. Semiconductor stocks were the strongest with the SOX rallying 2.64%. The issue was volume. It was lower across the board. It fell 9.80% on the Nasd and 15.97% on the New York. This shows that large institutional players were not buying stocks heavily today. Leading stocks were higher as well with the leaders index gaining 1.00% on the day. The index closed high in its trading range on lower and well below average volume. The market rallied nicely today, but the volume was not there to confirm the price move. The NDX regained its 50dma and the COMPQ id just below this important moving average. The leaders index remains well below its 50dma on both a price and a relative strength basis. The market is continuing its choppy action and we are seeing rallies followed by declines and then rally again. It is difficult to make progress in this type of market. About the only way to get anywhere is to be a very short term trader. There will be no update tomorrow. Jerry