Jerry Samet
10-25-2019, 06:26 PM
There was no update yesterday due to some computer problems. The market put in an overall positive performance today. After some strong action yesterday, especially in the Nasd averages. After AMZN came out with a disappointing earnings report after the close yesterday it looked like much of those gains could be lost. The major averages opened lower, but quickly bottomed out and rallied for the rest of the day. All the major averages finished at or very near their intraday trading highs, a sign of support. The Nasd averages were again the strongest with the COMPQ and the NDX gaining .70% and .78% respectively. The SPX rallied .41%. Volume was mixed. It was up by 2.86% on the Nasd and lower by 8.34% on the New York. Leading stocks were up on the day, but maybe a bit less than the major averages. The leaders index fell by .39% on the session. This was caused by large losses in two components of the index. FCN fell by 7.54% while CASH dropped 10.03%. These large losses were mostly offset by gains in other components of the leaders index, generally a positive development. The index tagged its 17dma and held and is sitting right on its short term 9dma. Volume was lower and below average. The action today was positive. It could have been ugly after the AMZN report, but the market recovered and went on to produce nice gains. All the major averages closed strong, showing that there was buying into the close. The NDX broke above its old highs and closed in new high territory. The SPX tagged its old highs but closed just below them. The COMPQ is just over 1% from its old highs. This is positive action and it will not take much to show some real breakouts into new high territory. I don’t think that there will be any real fireworks, but it looks like the market wants to go higher. Jerry