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Thread: Leaders Index 1-12-18

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    Leaders Index 1-12-18

    The market put in another strong session yesterday. The major averages opened higher and worked their way up for the rest of the session. All the major averages closed at their intraday trading highs, showing that there was buying throughout the day. The COMPQ finished with a gain of .68% while the SPX rallied .67%. All the major averages made new all-time highs on both a closing and an intraday basis. Volume was mixed, slightly lower on the Nasd and higher and a bit above average on the New York. It would have been nice to see higher volume on the Nasd as well, but it was the Friday before a three day weekend so many market participants likely left early. Leading stocks were higher as well with the leaders index rallying 1.05% on the day and closing high in its trading range. This was despite the fact the FB took a 4.47% hit on news that its newsfeed would change in a way that could result in lower ad revenue. Volume on the index spiked much higher, which is want you want to see when prices move into new high ground. The volume spike was also largely due to FB as its volume was the highest it has been in a year. This is a new high for the leaders index on both a closing and an intraday basis, but the relative strength line missed new highs by a small amount. The market is acting very well right now. Both the major averages and quality growth stocks are moving higher in unison, and fresh buyable stocks are appearing as older ones move higher. This is just what you want to see in a rally. The current situation is starting to look a bit like a melt up where prices can move higher in a very rapid pace. This usually happens late in a rally of a cycle, but can go on a fair amount of time. The higher the market goes the higher the risk rises along with it, but right now the rally is firing on all cylinders and there is money to be made. A good friend of mine always used to say make hay while the sun is shining. The sun is shining now. Jerry
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