Jerry Samet
06-07-2021, 06:34 PM
The market put in something of a mixed session today. Th Nasd averages were positive while the New York averages were mostly flat to lower. Late strength saw all the major averages finish in the upper half of their trading ranges, while the Nasd averages closed near to their highs. The COMPQ and the NDX were higher by .49% and .23% respectively. The SPX was lower by only .08%. Small caps were strong as the RUT gained 1.43%. Volume was higher across the board. It gained 9.65% on the New York and 5.38% on the Nasd. Leading stocks had a solid performance today. On Friday IBD went back to a rally resumption and there were other positive indicators. I created a new leaders index over the weekend to better reflect the current leaders. It has 21 stocks in 16 different industry groups. I have included a text file with the makeup of the index. It was up 1.92% on the day and closed in about the middle of its trading range. Volume was higher and above average. The market action today was overall mildly positive. The Nasd averages gained ground on higher volume. There are some stocks that are acting well, even if they are not lighting any fires. There was a weekly Coppock buy signal on the Nasd averages on Friday along with similar action in the linear regression slope indicator that I watch. This leads me to believe that the market will work its way higher, but will likely not have a particularly strong rally at this point. The preponderance of the evidence right now points to at least some price advance from here. Jerry