Jerry Samet
07-10-2021, 12:54 PM
The market had a solid up day yesterday, at least on a price basis. The major averages opened higher and worked their up for pretty much the rest of the session. All the major averages finished at or very near their intraday trading highs as buying continued into the close. The New York averages were the strongest with the SPX gaining 1.13% on the day. The COMPQ and the NDX were higher by .98% and .71% respectively. All of them are at new highs or very close. Volume was lower across the board. It fell 21.84% on the New York and 16.54% on the Nasd. It would have been a more convincing session if the price gains had been accompanied by higher volume. Leading stocks also did well with the leaders index gaining 1.96% on the day. The index closed high in its trading range and regained its important 17dma. Volume was lower and well below average. The market had a nice rally yesterday and closed strong. The SPX made a new high and the Nasd averages made new closing, but not intraday highs. Leading stocks had a good session yesterday but were still mixed for the week. The leaders index closed over its 17dma but remains in a trading range that it has been in for over a month. It would be very positive if the index were to break into new high ground, especially with strong volume. The market rally is still intact and prices are acting well. It would have been more convincing if volume had confirmed by strong price action, but that can still come in. The market is acting like it is going higher, but as I have said before there is not a lot of power behind the move. Holding positions makes sense here, but I would stay close to the exits. Jerry