Jerry Samet
03-29-2022, 06:33 PM
The market put in a strong session today. The major averages opened higher, possibly on news of some progress in peace talks, and mostly worked their way higher for the rest of the day. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.84% and 1.68% respectively. The SPX rallied 1.23%. All the major averages finished near their intraday trading highs. Volume was higher across the board. It gained 18.23% on the Nasd and 20.79% on the New York. Leading stocks were generally higher as well. The leaders index declined .98%, but some ETF’s of leading growth stocks were higher. I said before that the index is heavy in energy and transportation stocks that were weak today. A rotation into tech and growth stock leadership would make this index less relevant. The index closed high in its trading range on higher and above average volume. The action today was positive and continued to build on recent gains. The major averages posted strong gains on much higher volume. This showed that large institutional players were buying stocks today. The leadership showed some signs of shifting to growth and tech stocks and away from the energy and related stocks that have been the strongest sectors. If this continues I may have to create another leaders index as the current one has almost none of these stocks. The market is acting better and the NDX overcame its 200dma today. The weekly Coppock confirming the follow through seems to have signaled a tradable rally. The market looks good and we should see higher prices in at least the short term. Jerry