Jerry Samet
11-21-2016, 05:56 PM
The market opened higher today and rallied the rest of the session. There were solid gains across the board and all the major averages, along with most secondary averages, made new highs. The COMPQ gained .89% while the SPX was higher by .75%. Late strength saw all the major averages finish at their intraday trading highs, a good sign. Most sectors, from small and mid-cap stocks to the semiconductors, moved into new high ground. The only negative today was the volume. It was lower across the board and below average on both exchanges. You would like to see strong volume on a move into new high ground. Leading stocks did well also with the leaders index gaining .53% It closed in the upper half of its intraday trading range and set new highs on both a closing and an intraday basis. Volume, like the market, was lower and below average. The chart of the leaders index looks very good as it continues to rise above its short term 9dma. One thing to look at is the volume over the last few days. It has been continuously lower as the index has moved higher. If this continues the chart will take on a wedging look. The Nasd averages led today as they continue to catch up with the New York averages that outperformed right after the election. The market seems to want to go higher, so it likely will in at least the short term. Jerry