Jerry Samet
09-25-2021, 11:39 AM
The market put in an overall positive session yesterday. The major averages started off lower and it looked like there would be some selling after the advance of the last couple of days. After opening a bit lower the major averages rallied for most of the remainder of the session and closed mixed but with small changes. The Nasd averages were mixed with the COMPQ lower by .03% and the NDX higher by .09%. The SPX gained .15%. Late strength saw all the major averages finish high in their intraday trading ranges. Volume was lower across the board. It fell 5.54% on the Nasd and 4.23% on the New York. Leading stocks took a break after rallying for the last few days. The leaders index fell 1.07% on the day, and there were declines in several ETF’s of quality growth stocks. The index closed in about the middle of its trading range and volume declined and was very low. The leaders index held above all its short term moving averages. The action of the market was supportive yesterday. It looked early like there would be some selling after a few days of solid advances, but the market regained its footing and closed about unchanged on the day. This is encouraging as a rest would be good after the recent rally in the major averages and the leading stocks. The major averages were about unchanged and held the important levels they just retook, like their 50dma’s. The leaders index remained above all its short term moving averages as quality growth stocks retreated a bit but still look solid as they have held recent gains. The market is acting like it wants to go higher and we should see some positive action in at least the short term. Jerry