Jerry Samet
12-20-2016, 06:25 PM
The market staged a solid rally today with across the board gains. After opening higher the major averages held those gains for the rest of the session and closed strong. They all finished close to their intraday trading highs, a positive sign. In recent days the major averages were closing weaker. The COMPQ was higher by .49% and the SPX rallied .36%. Semiconductors had the best day with the SOX higher by .91% and closing at a new all-time high. The INDU and COMPQ made new highs as well. Volume was very close to yesterday, but was slightly higher on the New York and slightly lower on the Nasd. Leading stocks had a good day with the leaders index higher by 1.56% on the session. The index closed above all its short term moving average and closed high in its trading range. The relative strength line of the index also turned up. Volume on the index was higher, confirming the price move. The index now must overcome its highs of 11/28. Today was a solid session all around. The major averages are either holding or bouncing off support and the charts look good. Today’s action improved the picture. Jerry