Jerry Samet
08-07-2018, 07:01 PM
The market put in a mildly positive session today. After opening higher the major averages mostly held their gains for the rest of the day. The COMPQ was higher by .31% while the SPX gained .28%. All the major averages finished in about the middle of their intraday trading ranges. Volume was mixed, higher on the New York and a bit lower on the Nasd. Leading stocks were higher as well with the leaders index gaining .76% on the day. The index made a new high on both an intraday and a closing basis, although it did finish low in its trading range. Volume was higher and slightly above average and the relative strength line made a new high. The market continued to rally today as the major averages approach new high ground. The mid-range closes today show that there was buying pressure but that is was not too strong. The charts of the major averages are looking pretty good as it will not take much to move them into new highs, which would be very positive. The new leaders index is acting very well and a good number of quality growth stocks are acting well on earnings reports. It seems that the market wants to go higher from here and positions in carefully selected stocks are a good idea. Index ETF’s are also likely moneymakers if the market continues higher. Jerry