Jerry Samet
11-01-2021, 06:30 PM
The market put in another positive session today. After opening slightly higher the major averages sold off but quickly found a bottom and rallied into the close. The major averages and most of the secondary averages closed at new closing and intraday highs. All the major averages finished at or very near the top of their intraday trading ranges, a sign of support. After early weakness in growth and big cap tech stocks they rallied to finish strong. The Nasd averages were stronger with the COMPQ and the NDX gained .63% and .35% respectively. The SPX rallied .187%. The greatest strength was in the small and mid-cap stocks. The RUT gained 2.65% while the MID was up by 2.07%. Volume was mixed. It declined 12.58% on the New York and rose by 1.63% on the Nasd. Leading stocks had a good day as well. The leaders index was higher by 2.71% on the day. It closed high in its trading range and also made new all time highs. The relative strength line of the leaders index is also in new high ground, showing that quality growth stocks are outperforming the overall market. Volume was lower and below average. The market looked a little weak early as growth stocks, along with big tech stocks were weak. That changed as strength came in later and leading stocks did well. Small and mid-caps strongly outperformed and the leaders index, along with ETF’s of growth stocks did well. This is a sign of strength and it seems the rally is on solid ground and we should see higher prices ahead. Jerry