Jerry Samet
07-27-2016, 06:03 PM
The market had a mixed session today. There was early strength before the Fed announcement and then the major averages bounced around until the close. The strength today was in the Nasd averages as AAPL had strong numbers and helped these averages a lot. The COMPQ was up by .58% while the NDX climbed .66%. The SPX was slightly lower as it declined .12%. The Nasd averages closed high in their intraday trading ranges while the New York averages finished in about the middle if theirs. Volume was higher across the board and was above average on the Nasd. Leading stocks were lower on the day, but it looked pretty contained. The leaders index was lower by .60% and it traded below it’s short term 9dma support level. It recovered those early losses and finished near the top of it’s trading range. The index is acting well and continues to rise above short term support. The strength today was in the Nasd averages as they moved into new high ground for the move today on heavy volume. The New York averages are consolidating now. After amazing strength yesterday the semiconductor stocks held their gains well. Last May and June I was talking in the meetup groups about how the major averages were setting new highs while the SOX was in a clear downtrend. I said that this was a clear negative divergence. The SOX has been strong lately and yesterday broke into new high territory with real conviction. This may well help the market move higher in the near term. The rally is in good shape and the long side is the place to be. Jerry