Jerry Samet
04-06-2016, 07:04 PM
Just to let us know that we really don’t really know what the market is going to do it reversed yesterday’s losses and had a strong session today. The major averages opened higher and worked their way up for the rest of the day. All the major averages finished at their intraday trading highs, a sign of strength, with the COMPQ rising 1.59% while the SPX gained 1.05%. Volume was mixed, slightly higher on the Nasd while lower on the New York. The losses of the last two days were largely erased and the Nasd averages are in new high ground for the move. This is kind of a mixed view and shows that large institutional players were not particularly heavy buyers. Leading stocks were higher as well with the leaders index rallying .87% on the day on lower and well below average volume. The index closed just above it’s short term 9dma and again tagged it’s 17dma. The relative strength line of the index continues to go sideways. After a rally the index has been correcting back to it’s short term moving averages and so far has held above them. It would be encouraging to see the index put a little distance between itself and these moving averages. Right now the charts of the major averages look a little better than the leading stocks, but there is no real damage in either. Jerry