Jerry Samet
10-16-2021, 11:47 AM
The market continued to advance yesterday after Thursday’s follow through. Strong earnings reports helped the rally. The major averages opened higher and mostly held the gains the rest of the session. All the major averages finished high in their intraday trading ranges, a sign of support. The New York averages were a little stronger with the SPX rallying .75% on the day. The COMPQ and the NDX gained .50% and .63% respectively. Volume was higher across the board. It gained 10.61% on the New York and 3.81% on the Nasd. Leading stocks also did well with the leaders index higher by .28%. The index closed in about the middle of its trading range but made a new high on both a closing and an intraday basis. Volume was higher and above average. The market continued to rally yesterday in positive action after the follow through. Earnings reports continued to come out strong and that is fueling the advance. Most of the major averages recovered their important 50dma either Thursday or yesterday and that is an encouraging sign. The fact that it happened on higher volume is also a good sign. Energy and financials continue to led but tech related stocks are also doing well. So far earnings are looking strong and if that continued it will certainly help the market move higher. So far this rally is off to a solid start and there are actionable stocks out there. You shouldn’t just jump all the way in right away, but getting more heavily invested is the proper course of action. Jerry