Jerry Samet
12-19-2016, 06:00 PM
The market had a fairly quiet session with the major averages finishing with modest gains. After opening higher the major averages rallied for a little over an hour and a half and then trended mostly lower for the rest of the day. The COMPQ was higher by .37% while the SPX rallied .20%. All the major averages closed in the lower half of their intraday trading ranges, a sign that there was some selling into the rally. Volume was lower across the board, as would be expected after an expiration day, and was below average on both exchanges. Leading stocks outperformed the overall market with the leaders index gaining 1.11% on the day on lower and slightly below average volume. The index closed in the upper half of its trading range and finished fractionally above its important 17dma. The market continued to struggle a bit as it tries to break above some round numbers. There has not been much punch in the market for the last week as it is consolidating its recent advances. The rally still looks ok, but we will have to watch to see if it can overcome the consolidation it has been in for the last week. Jerry