Stocks gained strength into the final hour. Internals were good as advancing issues beat declining issues 83% to 15% on the NYSE. On the Nasdaq, 76% of the stocks advanced, and 20% declined. Both of these are very good numbers. On the Nasdaq, up volume beat down volume by a whopping 93% to 6%. On the NYSE it was 67% to 31%.
The top ten best performing sectors were all ones that had been beaten down substantially from their highs. These included;
- Steel and Specialty Alloys
- Machinery Construction and Mining
- Auto/Truck Tires and misc.
- Oil & Gas (machinery equipment)
- Household and Housewares
- Metal Processing and Fabrication
Some of the worst performing groups today have been among the stronger ones;
- Mining and Gems
- Medical Drugs (diversified) (strong group)
- Leisure and Photographic Equipment
- Food (flour & grain) (strong group)
- Utility (gas and distribution) (strong group)
- Food (confectionery) (strong group)
- Retail Drug Stores
Next week I wouldn't be surprised to see some profit taking and backing and filling. The fact that the markets were able to rebound and close higher today is encouraging.
Have a nice weekend!
Arthur Daret