Jerry Samet
12-07-2016, 06:25 PM
The market staged a strong rally today. After bouncing around unchanged early the major averages began to move higher. A buy program around mid-day got the rally really moving and the major averages continued higher into the close. All the major averages finished at their intraday trading highs, a positive development. The COMPQ gained 1.14% while the SPX was higher by 1.32%. The greatest strength was again in the semiconductor stocks with the SOX rallying 2.12%. Volume was higher across the board and above average on both exchanges. Leading stocks were higher as well, but not as much as the overall market. The leaders index was up by .57% and closed in the upper half of its trading range. The index closed slightly above its important 17dma and the 9dma as well. The index is still below its recent high and the relative strength line is lagging. It looks like the market is going to resolve recent trading to the upside. All the New York averages, along with small and mid-cap indices set new all-time highs today. The Nasd averages are just below their highs. The higher and above average volume shows that large institutional players were buying stocks. After a couple of negative days last week the rally that began after the election seems to be getting back on track. Jerry