Jerry Samet
01-26-2017, 08:08 PM
The market took a break today after two strong rally days. The major averages were mostly flat on the day and finished little changed, although there was a slight downward bias. The COMPQ finished with a loss of .02% while the SPX declined .07%. Both made new intraday highs today, but couldn’t hold them. All the major averages closed low in their intraday trading ranges, although they were tight ranges. Volume was lower across the board, just what you want to see when the market takes a rest after an advance. Leading stocks were mixed as well today. I made a few changes in the index to reflect new highs in the overall market. I removed LMAT,STLD,NFBK,GIMO, TDG, and ELLI. All have broken down. I added UBNT,MKTX,HBHC,LNC,ADBE,FB, and ESNT. I have included a text file with the new list. This is more a revision of the old list than a completely new one. The index had a slight decline today of .13%, but the chart looks good. Today’s action was constructive as the market held the gains of the last few days. Lower volume on the decline or rest is very good. Right now the market is acting like it will continue higher. Jerry