Jerry Samet
06-21-2017, 06:02 PM
We had a bifurcated market today with the Nasd and tech averages doing well and the New York averages and the small and mid-cap stocks selling off. The COMPQ closed with a solid gain of .74% and the NDX rallied .98%. The SOX led the way and was higher by 1.17%. The SPX was flat with a loss of .06%. The RUT and MID were off by .26% and .60% respectively. The Nasd averages closed at the top of their intraday trading ranges while the New York averages closed low in their trading ranges. Volume was lower across the board, but it was close on the New York. Leading stocks rallied as well with the leaders index gaining .77% on the session and closing in about the middle of its trading range. Volume was higher than yesterday and about average. The leaders index is in a pretty flat trading range since the reversal a week ago Friday. Quality growth stocks generally had a good session today and the gains were almost entirely in the tech stocks. After the reversal a week ago Friday the New York stocks looked like they would take over as the Nasd related stocks sold off. Now maybe the techs are coming back into leadership. It is a very difficult market to figure out right now and things could go either way. Yesterday there was a second Hindenburg Omen signal. That in addition to the one on 5/21 makes a confirmed signal. This is an imprecise indicator and should be taken with some caution, but they do occur late in bull markets. Jerry