Jerry Samet
11-04-2015, 10:40 PM
After popping higher at the open the market spent the rest of the session working it’s way lower. The decline was modest as the major averages consolidated the gains of the last two days in a pretty constructive manor. The COMPQ was lower by only .05% and closed in about the middle of it’s intraday trading range while the SPX fell by .35% and finished near the bottom of it’s intraday range. Volume was mixed, very slightly lower on the New York and a bit higher on the Nasd. The decline in the COMPQ was to small to constitute a distribution day and the lower volume means there was no distribution on the New York averages. Leading stocks outperformed the overall market with the leaders index rallying 1.27% on higher and slightly above average volume. It broke above it’s important 17dma and closed in the upper half of it’s intraday range, although it did finish below it’s opening price. The market is acting fairly well fight now. Down days have generally been pretty mild and up days have shown some strength. The market appears to want to work it’s way higher and we will have to see if the other major averages can join the NDX in new high territory. Jerry