Jerry Samet
08-11-2016, 05:54 PM
The market had a solid rally today. After opening higher the major averages climbed steadly the rest of the session and all the major averages closed near their intraday trading highs. The COMPQ finished with a gain of .47% while the SPX rallied an almost identical .47% and set a new all time high on both an intraday and a closing basis. Volume was lower across the board, not really what you want to see when prices are moving higher. Leading stocks were higher about in line with the overall market. The leaders index rallied .46% and closed high in it’s intraday trading range.Volume was higher than yesterday and well above average. The kind of action you want to see as prices rise. It moved a little higher above it’s short term 9dma and 17dma. It is also continuing the possible saucer that it seems to be forming. If it breaks out above this pattern with some conviction it would likely move higher. The action today was encouraging and the charts of both the major averages and the leaders index look pretty good. Higher volume today would have been better, but you can’t have big volume every day. Jerry