Jerry Samet
12-02-2023, 10:35 AM
December came in with a bang as the market had a strong session yesterday. The major averages opened higher and mostly worked their way up the rest of the day. All the major averages finished near their intraday trading highs, a sign od strength. The COMPQ and the NDX gained .55% and .31% respectively. The SPX rallied .59%. Volume was higher across the board. Leading stocks had a strong session as well with the leaders index gaining 1.23% on the day. The index closed high in its trading range on lower and below average volume. This is a new high for the leaders index on both a closing and an intraday basis. The RS line of the index also made a new high. The market put in a very solid session yesterday with good price gains on the major averages. The SPX joined the NDX in breaking above the highs of last summer before the intermediate correction started. The COMPQ is yet to overcome this level, but it is close. There was higher volume on the day’s advance showing that large institutional players were buying stocks. The small and mid-cap averages showed great strength with the RUT and MID gaining 2.96% and 2.42% respectively. The rally may be broadening out to include more stocks, which would be encouraging. The very strong market internals yesterday also support this thesis. The rally is looking very good and should continue at least through the end of the year, likely longer. Jerry