Jerry Samet
01-25-2017, 05:32 PM
The market had a strong rally today. After gapping higher at the open the major averages posted solid gains. The COMPQ was up by .99% and the SPX gained .80%. All the major averages rallied into new high ground and now look like they are set to rally further. They all closed at their intraday trading highs, a sign of real strength. Volume was higher on the New York and well above average. Volume on the Nasd was very close to yesterday’s levels. Esignal has it slightly higher, but it was so close that other data feeds could have different results. Either way, it looks like large institutional players were buying stocks today. Leading stocks were generally higher as well with good earnings reports resulting in more strong rallies. The leaders index made new highs on an intraday basis today, but a couple of components had significant losses so the index was closed flat on the session. Most quality growth stocks were higher. The index is over two months old and several components have broken down. Over the next few days I am going to replace some of the broken stocks with new names as it will be more representative with the major averages moving into new high ground. After consolidating post-election gains for a few weeks it looks like the market is resuming its rally. Jerry