Jerry Samet
06-06-2017, 06:10 PM
The market had another quiet session going where it looked like there would be only small changes in the major averages. Selling in the last hour saw the major averages finish with moderate losses. The COMPQ declined .33% while the SPX lost .28%. They both closed at their intraday trading lows due to the late selling so someone was dumping stock. Volume was higher across the board and above average on the Nasd. This produced a new distribution day on all the major averages. Leading stocks again outperformed the overall market with the leaders index gaining .41% on the session. The index closed in about the middle of its trading range, again better than the major averages. Volume was higher and about average on the day, so there was buying pressure in these quality growth stocks. The index also made new highs on both a closing and an intraday basis. The relative strength line of the index also is in new high ground. The late selling produced a new distribution day on the major averages, but the total remains moderate. The fact that quality growth stocks are leading the market higher is a very positive sign. The leaders index is looking good and is rising above its short term 9dma. The decline today caused little if any real damage and has not changed the overall positive picture. Jerry