Jerry Samet
12-15-2020, 06:31 PM
The market rally strongly today. After a higher open the major averages sold off for a short time. They then found a bottom and rallied into the close. The gains were solid and all the major averages finished at or very near their intraday trading highs. The gains were pretty evenly divided with the COMPQ and the NDX rallying 1.25% and 1.07% respectively. The SPX was higher by 1.29%. Volume was lower across the board. It fell 1.47% on the NASD and 3.48% on the New York. Leading stocks put in a strong rally with the leaders index gaining 4.69% on the day. The index closed near its high of the day and broke above its 9dma. It is sitting just below its 17dma. Volume was lower and well below average. The market rallied today as it is now looking pretty good that there will be a new relief package coming out of Washington in the next few days. The pace of vaccinations is also picking up and the Moderna vaccine will likely be approved later this week. The SPX set a new high and the COMPQ was fractionally above its recent high. The greatest strength today was in the small and mid-cap stocks with the RUT and the MID gaining 2.40% and 2.37% respectively. The market looks like it still will rally into year end. After that we will have to see. Jerry