Jerry Samet
07-18-2017, 06:13 PM
The market had a mixed but overall positive session today. After opening lower the major averages soon found their footing and spent the rest of the day rallying. The Nasd averages led the way with the New York averages lagging. Big cap techs led the way with the COMPQ and the NDX gaining .47% and .69% respectively. The SPX closed about flat with a gain of only .06%. The small and mid-cap averages showed some weakness. All the major averages finished the day at their intraday trading highs, a sign that buying came in to support the market. Volume was higher across the board, according to Esignal. It was clearly higher on the Nasd and just slightly higher on the New York, so there was higher volume, particularly where the most price strength was. Leading stocks did well also with the leaders index rallying 1.63% and closing high in its trading range. This is a new high on both a price and a relative strength basis. Volume was higher and about average, showing that large institutional players were buying quality growth stocks. The early sell off was a little uncomfortable but it ended quickly and stocks rallied. The real action was in the large cap tech stocks as shown in the action of the Nasd averages. These stocks have resumed their leadership and may lead the market higher. The COMPQ also made it into new high ground today. The picture is encouraging right now and there are profits to be made. Jerry