The market continued to work its way higher yesterday. The major averages opened slightly higher and made some progress the rest of the session. All the major averages finished near their intraday trading highs as buying came in near the close. The New York averages were a little stronger with the SPX gaining .88%. The COMPQ and the NDX were higher by .70% and .49% respectively. The greatest strength was again in the semiconductor stocks with the SOX higher by 2.83% and making a new high. Volume was mixed but close to Thursday’s levels. It was higher by .65% on the New York and lower by 1.99% on the Nasd. Leading stocks were again mixed but with a downward bias. The leaders index was off by 1.83% on the day. The index is now below its important 17dma but it closed high in its trading range. Volume was higher and slightly above average. The market continued to work its way higher yesterday with most of the major averages making new highs. The real strength is in semiconductors and this is positive as they tend to lead the market. The chart of the SOX though is starting to look a little exponential. We are in a very positive time of year and the market is looking forward to a stimulus package that looks more likely and a vaccine that appears to be very close to being distributed. The market is acting well and in this seasonally positive period will likely go higher. We will likely see some continued gains in the near term and holding some positions is ok, but there are some warning signs out there that must be watched. Jerry
Reply With Quote