Jerry Samet
07-11-2017, 06:25 PM
The market put in another mixed session today. Like yesterday the Nasd averages and tech stocks led the way while the New York averages lagged. After some wild intraday action the major averages closed strong with all the major averages at or near their intraday trading highs. The COMPQ was higher by .27% with the NDX gaining the exact same amount. The SPX finished the day pretty much flat with a loss of only .08%. Volume was mixed. Higher on the Nasd and lower on the New York. Both were below average. Leading stocks were higher on the day as well with the leaders index gaining .53% and closing in about the middle of its trading range. Volume was higher than yesterday, which is good, but it was still below average. The tech stocks, reflected in the Nasd averages and the SOX, may be coming back to a leadership position. It is still too early to say for sure but the action in the last couple of days was good. The increase in volume on the Nasd today was good, but it would have been better if it had come on a day with strong price action. The leaders index has put in three days in a row of upside action, today on higher volume. It may be starting to put in the right side of a base. The COMPQ moved further above its 50dma and the NDX is just below this important moving average. There may be a hint of some improvement in the last couple of days. But it is too early to really tell. It could go either way at this point. Jerry