Jerry Samet
07-30-2016, 11:50 AM
The market had a fairly quiet session overall yesterday with little change in the major averages. After a little early weakness the major averages finished near where they started with the strength again being in the Nasd averages. The COMPQ rallied .14% and the SPX gained .16%. All the major averages closed near their intraday trading highs, a sign of strength. Volume was higher across the board and above average on both exchanges. Leading stocks had a positive session with the leaders index gaining .65% on much higher and above average volume. There were quite a few stocks in the index trading very high volume yesterday on both the upside and the downside. The index itself is acting well. It has spent the last week consolidating recent gains in a pretty constructive manor. The index tagged it’s important 17dma again today, but rallied to close above both the 17dma and the 9dma. The rally seems to be broadening out a bit. The New York averages led the way into new high ground. Yesterday the NDX and the MID joined them in all time high territory. We have had a good run in the last few weeks and right now the rally appears to be intact and it looks like there will be higher prices in at least the near term. Jerry