Jerry Samet
01-07-2017, 12:21 PM
The market had a solid up session yesterday. A little late weakness saw the major averages finish a bit off their intraday highs, but the gains were good. Large cap stocks, particularly techs, led the way. The Nasd averages were the strongest with the NDX leading the way with a gain of .85% while the COMPQ rallied .60%. The New York averages lagged with the SPX higher by .35%. The worst performers were the small and mid-cap stocks as the RUT and MID declined .34% and .08% respectively. The major averages generally closed high in their intraday trading ranges, a sign of support. The small and mid-cap averages finished low in their trading ranges. Volume was lower across the board. Leading stocks underperformed the overall market as the leaders index declined .67% on the session, but closed in the upper half of its trading range. There were a couple of components of the index that had decent sized losses that accounted for most of the decline, but the overall weakness in small and mid-cap stocks also was a factor. Volume on the index fell and was below average for the first time in over a week. The index held above its short term moving averages, but the relative strength line of the index is again sitting on its 50dma. Many of the major averages joined the NYA in new high ground yesterday. The Nasd averages, along with the SPX overcame their recent consolidation patterns and are at new highs. The market has shown positive action in the first week of the new year and it appears to want to go higher. Jerry