Jerry Samet
12-29-2015, 11:29 PM
The market had a strong up day all around today. The major averages opened higher and worked their way up the rest of the session, closing near their best prices of the day. The COMPQ led the way with a gain of 1.33% while the SPX rallied 1.06%. Both major averages regained important moving averages on the day, the COMPQ the 50dma and the SPX both the 50dma and 200dma. These have been important resistance levels and IBD went back to a confirmed uptrend. Volume was mixed on the day, higher on the Nasd and a bit lower on the New York. This constituted another follow through like day for the COMPQ. Leading stocks had another solid up session as well with the leaders index climbing .90% on higher but below average volume. This was an accumulation day on this index. There was some broad advance in these stocks, but most of the action remained in the mega cap stocks, with AMZN and GOOGL making new highs and breaking above recent consolidations. It was a solid up day all around, but you would have liked to see higher volume on the New York as well. In these holiday week sessions many market participants are away from the market so volume is thin and it is easier to move prices. All this aside it was a positive session. Jerry