Jerry Samet
11-18-2019, 06:23 PM
The market took a bit of a break today after its recent new highs. It was overall a positive session. The major averages opened lower but quickly found a bottom and rallied from there. A little late weakness saw the major averages close off their absolute highs, but still near the top of their intraday trading ranges. The Nasd averages were a little stronger with the COMPQ and the NDX gaining .11% and .16% respectively. The SPX was higher by .05%. Volume was mixed. It was lower by 7.98% on the Nasd and higher by 2.29% on the New York. Leading stocks rallied as well with the leaders index higher by .67% on the day. The FFTY was up by .43%. This shows that quality growth stocks continue to outperform. The index closed in the lower half of its trading range and volume was higher and slightly above average. The market continues to act well overall. The major averages recovered from early losses and even though last selling saw them close off their highs they still closed high in their trading ranges. This shows support. All the major averages along with the leaders index made new intraday and closing highs today. After the run we have had recently it would not be unexpected for the market to take a rest. It doesn’t seem to want to do so. The new highs and the fact that leading stocks are starting to outperform the overall market are both positive signs. The market seems to want to go higher. Jerry