Jerry Samet
02-02-2017, 05:42 PM
The market traded little changed all day. The major averages finished mixed with small gains on the New York and small losses on the Nasd. The COMPQ was lower by .11% and the SPX was higher by .06%, very small changes. The intraday action was also tight. The Nasd averages closed in the middle of their intraday trading ranges while the New York averages finished at the top of their trading ranges, generally supportive action. Volume was lower on the Nasd, but still above average. You want to see lower volume as the market consolidates gains. The volume on the New York was very slightly more than yesterday, according to signal. The change was so small that other data feeds might have a different result. Leading stocks mirrored the overall market and were little changed today. The leaders index was up .10% on lower but well above average volume, much of it caused by components having earnings reports. The index closed in the upper half of its trading range and held well above its rising 9dma. The chart of the index looks good as do the Nasd averages. The New York, along with the small and mid-cap averages, are in consolidations and must break into new high ground to confirm the rally is likely to continue. Jerry