Jerry Samet
12-08-2020, 06:45 PM
The market continued to work its way higher today. After opening lower the major averages found a bottom and rallied for most of the remainder of the session. All the major averages finished high in their intraday trading ranges, a good sign. The Nasd averages were a little stronger with the COMPQ and the NDX gaining .50% and .31% respectively. The SPX was higher by .28%. Volume was mixed. It was slightly higher by .39% on the Nasd and lower by 5.37% on the New York. Leading stocks rallied as well with the leaders index gaining 1.77% on the day. The index closed just below the midpoint of its trading range and is sitting on a confluence of its 9dma and 17dma. Volume was lower and below average. The market continued its uptrend today after reversing higher from a minor early decline. The action continues to be generally positive as the major averages continued to make new highs. We are not seeing spectacular gains but more like a slow grind up. These can actually have more staying power and can continue longer than expected. Right now it looks like the rally should continue through the seasonally positive year end period Leading stocks seem to be acting a little better as the leaders index recovers. It is right now sitting on a confluence of its 9dma and 17dma. A move above these moving averages, particularly on strong volume, would be very encouraging. For now we should continue to work our way higher. Jerry