Jerry Samet
11-06-2023, 06:33 PM
The market put in an overall solid performance today. There was some weakness in market internals, but the major averages did well. They opened higher and after some selling during the day they rallied into the close. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained .30% and .37% respectively. The SPX rallied .18%. Volume was quite a bit lower across the board. Leading stocks were mostly flat to slightly lower today. Since there was a follow through last week I created a new leaders index over the weekend. It contains 20 stocks in 15 different industry groups. I think it is a good cross section of stocks that are currently doing the best. I have included a text file with the components of the new index. The market did pretty well overall today. There was some weakness in market internals, but the major averages did well. After last weeks strong gains you would expect so see some pullback. Early gains were lost, but before the close buying came in and supported prices. This is encouraging. The major averages are holding their 50dma’s and it is important that this continues. The new leaders index is looking very strong and this should continue in order for the rally to continue. So far the rally is acting well and it looks like we are on track for a tradable year end rally. At current prices the weekly Coppock on the COMPQ will turn up this week. Jerry