Jerry Samet
11-08-2017, 06:49 PM
The market staged a mild rally today. The major averages sold off slightly at the open but then bottomed out and rallied for the rest of the session. The Nasd average averages and tech stocks led the way with the COMPQ higher by .32% and the NDX gained .40%. The semiconductors continued strong with the SOX higher by .35%. The SOX and the NDX made new closing and intraday highs. The COMPQ made a new closing high but barely missed an intraday high. All the major averages closed at their intraday trading highs, a sign that buying continued into the close. Volume was lower across the board. Leading stocks had a positive session as well with the leaders index was higher by .59%. The index tagged its short term 9dma at its low point then rallied to finish above this support level. It closed slightly below the mid-point of its trading range. Volume was very slightly higher than yesterday, in contrast to the major averages. The leaders index is in a bit of a consolidation pattern after its advance to new highs. The relative strength line of the index against the S&P 500 is at new highs. This overall is positive action. The New York averages are following a similar pattern. The SPX is still moving higher while the NYA is flat. The tech stocks are leading the way right now as can be seen in the strength of the Nasd averages and the semiconductor stocks. I think the market is a little stretched right now, but there are no big red flags out there at the current time and the market looks solid. Jerry