Jerry Samet
09-27-2017, 06:52 PM
The market staged a good rally today in just the kind of action we have been looking for. The major averages opened higher and after a little early selling rallied again. A little late selling saw the major averages finish off their intraday highs, but the gains were still solid. The COMPQ finished with a gain of 1.15% and the SPX rallied .41%. The greatest strength was in the small caps and the semiconductors with the RUT and the SOX higher by 1.92% and 2.36% respectively. Several of the New York averages and the small caps made new highs today. All the major averages closed near their intraday trading highs, a sign of support. Volume was higher across the board, showing that large institutional players were buying stocks today. Leading stocks participated in the rally with the leaders index gaining 2.96% on the session. The index regained its important 17dma now support level and also the 9dma. It closed in the middle of its trading range and volume was lower than yesterday. You would have preferred to see a close higher in its trading range and on stronger volume, but it still was a positive session for quality growth stocks. There was strength across the board today on higher volume for both exchanges. The NDX regained its 50dma and several major averages made new highs. This is the kind of action that could well lead to higher prices and goes a long way toward overcoming recent weakness. Jerry