Jerry Samet
10-08-2020, 06:27 PM
The market continued its recent upside action with the major averages posting solid gains. The major averages opened higher, and the New York averages worked their way up a bit during the session. The Nasd averages mostly held on to the gains. The New York averages finished near the top of their intraday trading ranges while the Nasd averages closed just above the midpoint of their trading ranges. The New York averages were the strongest with the SPX gaining .80% while he COMPQ and the NDX were higher by .50% and .42% respectively. Volume was mixed. It was lower by 9.18% on the Nasd and higher by 7.75% on the New York. Leading stocks underperformed today. The leaders index was lower by .20% on the day. The index closed in about the middle of its trading range on lower and below average volume. The market continued to work its way higher today with the major averages making new highs for the recent rally attempt. The market continues to tease us with almost follow through days on the other major averages. The New York had higher volume today but didn’t have a big enough price move to qualify for a follow through. It was good though to have a nice price gain on higher volume. The Nasd averages continue to rally on lighter volume. The market is acting like it wants to go higher. It may not be a strong rally as it was kind of an unusual follow through that was not well confirmed. It is, however, difficult to argue with a market that is rallying, so while this may not be the strongest rally we have ever seen, there is an opportunity to make money here. Jerry