Jerry Samet
07-28-2016, 08:03 PM
The market bounced around and after some early weakness late strength saw all the major averages close at their intraday trading highs. The COMPQ finished with a gain of .30% while the SPX was higher by .16%. The strength was mostly in the Nasd averages as they went into new high ground for the move while the New York averages continue to consolidate recent gains. Volume was lower across the board, showing that large institutional players were not active today. Leading stocks were generally weaker with the leaders index falling .81% on lower and below average volume. There were several stocks in the index that lost ground today but much of the loss was due to a 6.39% drop in ANIK on huge volume. The index rallied to close high in it’s intraday trading range and above it’s 9dma after tagging it’s 17dma during the session. The leaders index is pulling back right now but the chart is still ok as the index remains above it’s short term moving averages. The market may take a breather here but the rally is intact. Jerry