Jerry Samet
06-10-2020, 08:02 PM
The market staged a mixed session today. The Nasd averages showed strength due to higher prices in big cap tech stocks while the New York averages were lower. The major averages were a little weak early then rallied after the Fed announcement. There was selling into the close and all the major averages finished the session in the lower half of their intraday trading ranges. The COMPQ and the NDX closed up by .67% and 1.28% respectively. This is a new high for each average and a close above 10,000 for both. The SPX fell by .53%. Volume was mixed. It was lower by 2.08% on the Nasd and higher by 3.81% on the New York. This was enough for a new distribution day on the New York averages. Leading stocks finally outperformed the overall market. The leaders index was higher by 1.92% on the day. It closed in the upper half of its trading range and back above its short term 9dma. Volume was higher but below average. The market was mixed today. The Nasd averages were the leaders and were in positive territory all day. The New York averages were mostly in negative territory. The Fed announcement that there would effectively be no rate increases for two years caused a rally. Much of that faded before the close. The better performance of leading stocks today was a good sign. The relative strength line of the leaders index is now back above its 50dma and is heading up. The higher volume in the leaders index today was also encouraging. The Nasd averages made new highs and broke above a major round number in the 10,000 level. Overall the picture still looks positive and the rally should continue, at least in the short term. Jerry