Jerry Samet
02-06-2017, 06:38 PM
The market was a bit lower today. The major averages were lower early, but some late strength saw them close well off their intraday highs. The COMPQ was lower by .06% while the SPX was off by .21%. The Nasd averages closed at the highs of their intraday trading ranges while the New York averages finished in the upper half of their ranges. Volume was lower across the board and below average. This is positive when the market is going sideways. The greatest strength today was in the semiconductor stocks as the SOX made another new high with a gain of .35%. A few of the large cap tech stocks were higher as well, as can be seen in the .12% increase in the NDX. Leading stocks were mixed to lower as only fifteen stocks in the IBD 50 were higher today. The leaders index showed some nice action, rising .31% on lower and below average volume. The index closed high in its trading range and is rising nicely above its short term 9dma. The relative strength line of the leaders index is also in new high ground and looks good. The market is struggling a bit right now and while there have been a lot of breakouts and buyable gap ups on earnings reports, few are making meaningful gains. The Nasd averages are looking good, but the New York averages are having a hard time making progress. It is a difficult market and any gains are likely to be small. Jerry