Jerry Samet
09-07-2017, 06:20 PM
The market struggled a bit today and ended up closing little changed. The major averages traded in fairly tight ranges and ended about where they started. The Nasd averages were a little stronger as the COMPQ finished with a gain of .07% while the SPX fell only .02%. Both closed just above the mid points of their trading ranges. Volume was higher on the Nasd and IBD called it higher on the New York while signal had it slightly lower. Leading stocks general put in a decent show. The leaders index was lower by .25%, but two components of the index suffered sizable losses. RACE fell 7.07% while KEM lost 5.11%. In spite of these two sell offs the decline in the index was small due to rallies in other components. The index closed in the upper half of its trading range and held above the short term 9dma support level. Overall pretty solid action. The bounce you look for after a sell off like we saw on Tuesday has so far been fairly weak. The major averages have been in trading ranges for a few weeks now and we will have to see which way it breaks. It would be encouraging to see some strong action on higher volume. Jerry