Jerry Samet
07-20-2016, 08:37 PM
The market had another solid session today and the major averages made new highs for the move. After opening higher the major averages were strong for the first two hours and then spent the rest of the day consolidating those gains. The COMPQ was higher by 1.06% while the SPX rallied .43%. The greatest strength today was again in the semiconductors as the SOX gained 1.63%. All the major averages closed very high in their intraday trading ranges, showing there was a lot of support for stocks as they made their gains. Volume was higher on the Nasd and very close on the New York. It looks like New York volume was higher, but by a tiny amount. This shows that large institutional players were buying stocks today. Leading stocks were higher as well with the leaders index rising .45% on the day. Volume was lower than yesterday and well below average. It closed high in it’s intraday range and continues to rise nicely above it’s short term 9dma. The market is acting pretty well right now. There are stocks that are setting up properly, although the number that go on to provide large gains are still pretty limited. The market is clearly acting like it wants to go higher, at least in the short term. A good sized exposure is warranted, but it is wise not to get to carried away. Jerry