Jerry Samet
05-15-2017, 06:11 PM
The market staged a positive move today. The major averages opened higher and in a little over an hour reached its intraday highs. They then held those gains for the rest of the session and closed at or very near their intraday trading highs. The gains were pretty evenly distributed with the COMPQ up by .46% while the SPX rallied .48%. There were new highs in all the Nasd averages while the SPX made a new closing and intraday high, but it was by a small amount. The greatest strength was again in the semiconductors as the SOX continued to power into new high ground with a gain today of 1.51%. Leading stocks were strong as well with the leaders index rallying 1.05% on higher and above average volume. The index made a new high on both a closing and an intraday basis and is slightly above the short consolidation it has been in for almost a week. The relative strength line of the index also made a new high. Today’s action makes it look like the rally will continue. The SPX moved into new high ground as I said would be good, although it was by a pretty small amount. I would like to see further moves higher in the New York averages to really confirm the action in the Nasd averages. The remarkable strength in the semiconductor stocks is a very positive sign as the SOX is usually considered a good forward looking indicator. It looks like the rally has further to go. Jerry