Jerry Samet
01-19-2017, 05:28 PM
The market had a pretty negative session today. There were some early gains, particularly in the Nasd averages, that didn’t hold. The COMPQ finished with a loss of .28% while the SPX was lower by .36%. All the major averages closed near their intraday trading lows, a sign of weakness. Volume was mixed, higher on the Nasd and very slightly lower on the New York. This produced a fresh distribution day on the Nasd averages. Leading stocks did a little better with the leaders index gaining .12% on lower and below average volume. The index is now back above its short term moving averages and closed in the upper half of its trading range. The market continues to struggle here as the New York averages are still in a trading range while the Nasd averages hold just above the consolidation they recently broke out of. The leaders index is also trying to move into new high ground but has not been able to do so. Maybe the inauguration tomorrow is putting a cap on things as there may be a buy the election sell the inauguration factor going on. Also the As minus Es turned negative today, although only by a small amount. The market should get moving higher soon or the chances of a decline and an end of the post-election rally will increase. Jerry