Jerry Samet
11-04-2021, 06:27 PM
The market had another overall positive session today. After early strength the major averages held on to their gains and finished near the top of their intraday trading ranges. The Nasd averages were a little stronger with the COMPQ and the NDX gaining .81% and 1.25% respectively. The SPX was higher by .42%. Small and mid-cap stocks took a break after recent gains, but the semiconductor stocks were very strong. The SOX was higher by 3.05% and made a new high. Volume was slightly lower across the board. It fell .67% on the New York and .95% on the Nasd. This is a very small decline. Leading stocks were generally higher as well with the leaders index gaining .57% on the day. The index closed in about the middle of its trading range on higher and above average volume. This is new high ground on both a closing and an intraday basis. The market continued to rally solidly today. The major averages made new highs today on about flat volume. They again closed near the top of their intraday trading ranges for the sixth day in a row. This is showing unusual strength. The major averages, particularly the Nasd averages, are extended in the short term and could see a consolidation or modest pullback, but the rally is on solid ground and it should continue. The employment report will come out before the open tomorrow and that will set the tone for trading, at least early. Jerry