Jerry Samet
12-13-2016, 06:20 PM
The market staged a positive rally session today. The major averages opened higher and were higher the rest of the day. The Nasd averages led the way as the big cap tech stocks had solid moves. The COMPQ was higher by .95% while the SPX rallied .65%. The NDX joined the other major averages in new high ground and showed a solid breakout from a trading range. The Nasd averages closed in the upper half of their intraday trading range while the New York averages finished in about the middle of their ranges. Volume was mixed, higher on the Nasd and lower on the New York. Both were above average. Leading stocks were higher but again underperformed the overall market. The leaders index was higher by just .10%. The index is below its important 17dma but is just above the shorter term 9dma. The relative strength line of the index continues to decline to its 50dma. We look to be in a yearend rally and there is strength in the major averages. Quality growth stocks continue to lag and there are few that look that attractive and fewer that are producing worthwhile gains. ETFs are a good way to participate in the current rally. Jerry