Jerry Samet
11-22-2016, 06:05 PM
The market continued to work its way higher today. After opening up the major averages sold off, only to turn around and rally into the close. All the major averages finished the session at or very near their intraday trading highs. The COMPQ gained .33% while the SPX rose .22%. Again the greatest strength was in the small and midcap stocks along with the semiconductors. The RUT was up by .92% while the MID and SOX rallied .73% and 1.05% respectively. Volume was higher across the board, a positive sign that large institutional players were buying stocks. Leading stocks had a positive session as well with the leaders index gaining .80% on the day . The index closed high in its trading range, a positive development. This is a new high for the index on both a closing and an intraday basis. The relative strength line of the index also set a new high. The Nasd averages continued to outperform the New York averages as they continued to catch up. Small caps remain the best performing sector, along with semiconductors. We are in a seasonally positive period and the market may well continue to rally into year end. Jerry