Jerry Samet
02-13-2017, 06:02 PM
The market had another solid rally day today. After opening higher the major averages rallied most of the rest of the session before a little late selling saw them close off their absolute highs. The COMPQ finished with a gain of .52% while the SPX had exactly the same advance. All the major averages closed high in their intraday trading ranges, a sign of support. Volume was mixed, higher on the New York and lower on the Nasd. This shows that large institutional players are still not buying too heavily. Leading stocks were higher as well today. I removed UBNT from the index as it continued to fall hard today and replaced it with THO. The leaders index was up by .30% today. It underperformed the overall market as can be seen in its relative strength line. The index closed in the upper half of its trading range and held above its short term 9dma. Volume was lower than Friday but still above average. The charts of the major averages and the leaders index look good. The major averages look like they are getting a little bit ahead of themselves in the short term as they are fairly extended from their moving averages. There may be a little consolidating as these moving averages catch up, but the rally looks intact. I will be taking tomorrow off for Valentine’s Day at the “suggestion” of my wife. There will be no update tomorrow. Happy Valentine’s Day everyone. Jerry