Jerry Samet
11-02-2015, 11:16 PM
The market had a strong session today. After opening higher the major averages climbed the rest of the day and finished at or near their intraday highs. The COMPQ led the way with a gain of 1.45% while the SPX was higher by 1.19%. The greatest strength was in the small and mid cap stocks with the RUT up by 2.09% and the MID gaining 1.47%. The NDX closed above it’s high on 7/20 and is the first of the major averages to move into new high ground. Volume was the only thing not to act well as it was lower across the board. You would like to see higher volume on a rally day like today. Leading stocks acted better than the overall market with the leaders index rallying 2.47% on higher and slightly above average volume. This was an accumulation day on the leaders index. The index remain just under it’s important 17dma. It must get above this moving average in order to get back on track. It would also be encouraging to see the relative strength line of the index get back above it’s 50dma. It was a good session and the market seems to want to go higher. We will have to see if more of the major averages join the NDX in new high territory. Jerry