Jerry Samet
12-06-2016, 06:31 PM
The market continued its recovery from last week’s decline. The market opened slightly higher and spent the rest of the session working its way up. The COMPQ was up by .45% while the SPX rallied .34%. Late strength saw all the major averages finish at their intraday trading highs, a sign of support. The greatest strength was again in the semiconductors and the small cap stocks with the SOX and the RUT higher by 1.38% and 1.11% respectively. Volume was mixed, higher on the Nasd and lower on the New York. Leading stocks were generally higher as well with the leaders index up by .69%. The index closed near its intraday high and is sitting right below resistance at the 17dma. The market is working its way back from the decline of last week. The SPX is very close to new high ground while the NYA reached that level. The small and mid-cap stocks are in new high territory along with the semiconductor. Not a lot of individual stocks are producing meaningful gains and it remains a tough market to make much progress in, but the market doesn’t seem to want to have a real decline. Jerry