Jerry Samet
05-31-2025, 10:52 AM
The market pretty much took a break yesterday. The major averages opened a bit lower and sold off early. Late strength came in and all the major averages rallied int the close, before finishing with moderate losses. All the major averages closed high in their intraday trading ranges. The NASD averages were the weakest with the COMPQ and the NDX falling .32% and .11% respectively. The SPX was flat with a decline of only .01%. Volume was mixed, higher on the New York and lower on the NASD. Leading stocks were moderately higher on the day with the leaders index gaining .61% on the session. The index closed high in its trading range on higher and above average volume. This is a new high for the index on a price and relative strength basis. The market acted pretty well yesterday. After recent strong action it took a break today, but the action was positive overall. The market saw late strength and closed near its highs of the day. The major averages are still in the handle part of their current chart pattern and we are waiting to see if it breaks to the upside. The market has done well so far in this rally. Leading stocks are acting very well. In the month since the follow through the current leaders index, built on 4/28, is up 24%. This is a strong gain in a touch over a month. The rally is on solid ground right now, although in this news driven market you never know. Jerry