Jerry Samet
11-27-2023, 06:31 PM
After a solid holiday shortened week in which the market did pretty well the market took a rest today. There were several up and down movements today and the major averages finished with small declines. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX were off by .07% and .13% respectively. The SPX declined .20%. Volume was higher across the board, but that is to be expected after a half session on Friday. Leading stocks did pretty well with the leaders index gaining .72% on higher volume. The index closed in the lower half of its trading range, but made a new high on both a closing and an intraday basis. The relative strength line of the leaders index also made a new high, showing strength in quality growth stocks. The market traded back and forth today before ending with small losses. Volume was higher, but Friday was a short session so that mutes the effect. The price declines of the major averages were to small to produce any distribution today. The rally is still looking good. We have had some strong upside action in the last few weeks and the market looks like it might take a rest. The fact that leading stocks are performing well is a good sign of strength in the rally. The chart of the leaders index looks very good. The rally is on solid ground and barring any unexpected event that should continue into January. At that point we can look again, but many intermediate rallies that start in the October, November timeframe last well into the first quarter. If you are fully invested or close to it and your positions are working, just watch. Jesse Livermore said that the big money is made in the sitting not the thinking. Jerry