Jerry Samet
11-17-2016, 05:46 PM
The market continued to work its way higher. The major averages are holding the gains they have made after the election and building on them. The COMPQ led the way again today with a gain of .74% while the SPX rallied .47%. The greatest strength was in the SOX as it was up 1.08%. All the major averages closed at their intraday trading highs, a sign of real strength. Volume was mixed on the day, higher on the Nasd and lower on the New York. Leading stocks were as well with the leaders index rallying .45% , about in line with the overall market. This is a new high for the index on both a closing and an intraday basis. The relative strength line is also at new highs. Volume on the index was lower than yesterday but still well above average. The chart of the leaders index continues to look good as it is rising well above its short term 9dma. The market is acting well . We have rallied for almost two week now after the election and the market won’t correct. The COMPQ is just a hair below it’s all time high and the NDX broke above its 50dma. The small midcap and semiconductor stocks continue to move further into new high ground. After the rally of the last couple of weeks you would expect a pull back, but the market won’t cooperate. Things look solid right now. Jerry