Jerry Samet
09-06-2016, 06:45 PM
The market had another positive session today. Friday’s trading improved the picture as I said. The leaders index along with the RUT and the MID set new highs and broke above their recent consolidations. Today the COMPQ joined them in moving into new high ground as it set a new all time high. The COMPQ gained .50% today and the SPX rose .30%. Volume was higher across the board as would be expected after a Friday before a long holiday weekend. Volume was also about average. Leading stocks were stronger as well with the leaders index gaining .65% on higher and about average volume. The index closed in the upper half of it’s intraday range and set a new high on both a price and a relative strength basis. The weak ISM report today seems to have added further weight to the argument that the Fed will not raise rates soon. That gave the market a boost and it looks like we will start heading higher. Much of the new high in the COMPQ was caused by the big cap tech stocks having solid gains. FB and AMZN broke out of bases into new high ground and GOOGL made new highs as well. It looks like the market want to go higher in at least the short term and increased confidence is in order. Jerry