Jerry Samet
11-24-2015, 07:38 PM
The major averages finished little changed on the day, but that covered up some positive action under the surface. The market opened lower, mostly on news of a Russian fighter shot down over Turkey. After working it’s way lower for a little over an hour the major averages began a rally that carried into the close. All the major averages closed at their intraday trading highs, a sign of support. Volume was higher across the board, showing that large institutional players were buying stocks. The COMPQ was higher by .01% while the SPX gained .12%. Small and mid cap stocks continued to show strength while the semiconductor stocks led the way with the SOX up 1.28%. Leading stocks were flat to a little bit higher with the leaders index off by only .02%. The index closed in the upper half of it’s intraday range and volume was higher than yesterday, but still below average. The relative strength line of the index is still right at it’s 50dma. It would be a good sign if can get above this important moving average. Overall it would have to be considered a positive session. The major averages recovered early losses and closed strong. It will likely be pretty quiet this week, probably a good thing. Jerry