Jerry Samet
12-05-2016, 06:34 PM
The market rallied today, and it was a better looking move than Friday’s. The major averages opened higher and made their highs in the first half hour. After that they held on to most of their gains. The COMPQ led with a gain of 1.01% while the SPX was higher by .58%. The Nasd averages closed near their intraday trading highs while the New York averages finished in the lower half of their trading ranges. Volume was mixed, lower on the Nasd and higher on the New York. The small caps were the biggest winners with the SOX rallying 1.79% and the SOX up by 1.23%. Leading stocks had a strong session with the leaders index gaining 2.20% on higher and above average volume. The index tagged its important 17dma but was unable to get above it. This is the next real level of resistance for the index. Today was a solid rally day, although it would have been better if volume on the Nasd was stronger. The COMPQ broke back above its 50dma and the SOX had a nice bounce off its 50dma. Today’s action was good, but there must be more gains on strong volume to overcome the selling of last week. Jerry