Jerry Samet
05-10-2018, 06:18 PM
The market put in another positive session today. After opening higher the major averages rallied for a while then held their gains for the rest of the session. The SPX was higher by .94% while the COMPQ gained .89%. The semiconductor stocks were the strongest with the SOX rallying 1.80%. All the major averages finished at their intraday trading highs, a good sign. Volume was lower across the board. It would have been better to have higher volume, but we still had it yesterday. Leading stocks continued to rally with the leaders index gaining 2.40% and closing near the top of its trading range. The index made new highs on both a closing and an intraday basis. Volume on the leaders index was lower, mirroring the overall market. Today’s action was encouraging and added to the improving picture. The major averages continued to build on their moves above their 50 day moving averages. Quality growth stocks are acting well as there are fresh breakouts and many continue to move higher in price. The reversal of last week has clearly put in something of a bottom. How important a bottom that turns out to be will only be revealed in time. For now the market is acting like it wants to go higher so increased exposure is likely warranted. I have some family obligations coming up that will take a great deal of my time so there will be no updates next week. The updates will resume a week from Monday. Jerry