Jerry Samet
05-08-2018, 06:37 PM
The market did a pretty good job of holding on to the gains of the last few days. The major averages traded in a tight range all day and closed little changed. The COMPQ finished with a gain of .02% while the SPX declined .03%. All the major averages finished near their intraday trading highs, a positive sign. Volume increased across the board today, for the first time in a couple of days. Leading stocks again outperformed the overall market with the leaders index gaining .70% on the session. The index closed near its highs of the day and made a new closing high. Volume was lower than yesterday. The relative strength line of the leaders index again made a new high. Overall you would have to say this was a positive session. The major averages held the recent gains and traded in a tight pattern. Volume was higher today, and although you would prefer to see that accompanied by strong price moves, it was good. The best thing the market has going for it right now is that quality growth stocks are acting better than the market itself. This is a difficult environment in which it is hard to produce meaningful gains. A very experienced friend of mine called it bilge water sloshing back and forth in a boat. Some stocks are acting well and could well be profitably owned, but getting to heavily invested now carries an above average level of risk. Jerry