Jerry Samet
05-10-2017, 07:46 PM
The market spent another session with small gains but an overall slightly positive tone. All the major averages closed at their intraday trading highs with small gains. The COMPQ was up by .14% while the SPX rallied .11%. Volume was mixed, higher and above average on the Nasd and lower and below average on the New York. Leading stocks outperformed the overall market with the leaders index gaining 1.05% on the day. The index closed in the upper half of its trading range and rallied clearly into new high ground on both a closing and an intraday basis. The relative strength line of the index also is at new highs and climbing strongly. We have continued the recent pattern of quality growth stocks outperforming the major averages, which is usually positive. The Nasd averages are the clear leaders, although these averages are heavily influenced by a small number of big cap tech stocks that are doing very well. The New York averages continue to consolidate and lag other averages. The real star today was the semiconductors as the SOX was up by 2.11% and blasted to new highs. The trend continues to look like it is up, but it would be good to see the New York averages join the party. Jerry