Jerry Samet
05-09-2024, 06:13 PM
The market put in a fairly decent up day today. The major averages sold off a bit early and then spent the rest of the day working their way higher. All the major averages finished near their intraday trading highs. Volume was lower across the board. Leading stocks had a good day as well with the leaders index gaining 1.07% on the day. The index closed in the upper half of its trading range on lower and below average volume. This is a new high for the leader’s index on both a closing and a relative strength basis. The market had another overall positive session today. There was a little early weakness but prices recovered and the major averages closed strong again. The New York averages did better and have broken above the consolidation they have been in for the last few days. The Nasd averages remain in the recent pause. Leading stocks are acting well as can be seen in the leaders index and some ETFs of leading growth stocks. The leaders index is making new highs and it is positive when quality growth stocks lead the market higher. This current rally attempt, or whatever you want to call it, is missing some indicators I usually like to see, but for right now it looks like the market wants to go higher, at least in the short term. Jerry