Jerry Samet
09-06-2017, 05:55 PM
The market rallied today after yesterday’s decline, but the gains were moderate compared to the previous losses. After opening higher the major averages sold off a bit and then rallied again. The COMPQ was higher by .28% while the SPX rallied .31%. All the major averages closed in the upper half of their intraday trading ranges, a good sign. Volume was lower across the board, but very close on the Nasd and above average on both exchanges. Yesterday I said the volume on the Nasd was lower when it was actually higher. I thought the runoff on esignal’s feed was done. It wasn’t. Leading stocks were mixed on the session with the leaders index off by .23%. Much of this was caused by a 5.26% decline in KMET. The index still closed in the upper half of its trading range and tagged but held its short term 9dma. Volume was slightly lower than yesterday and below average. The chart of the index is looking pretty good as the index is consolidating recent gains in a fairly orderly fashion. After a sizable decline you want to look to the quality of the bounce to try and determine if the worst is over. Today’s bounce was ok but not to impressive. We should see a rally into new high ground by the major averages with some conviction to improve the picture. Jerry