Jerry Samet
07-05-2018, 05:56 PM
The market put in a solid rally today. After opening higher there was some brief weakness before a rally came in and carried the market higher. The major averages rallied into the close and all closed at or very near their intraday trading highs. The Nasd averages led the way with the COMPQ and the NDX higher by 1.12% and 1.23% respectively. The SPX gained .86%. Volume was higher than Tuesday, but that doesn’t mean much as it was a short session. The volume was below average on both exchanges. Leading stocks were higher as well with the leaders index gaining .31%. The index finished in the upper half of its trading range and slightly above its short term 9dma. The market had a nice bounce today, at least in price. Volume was higher but that compares to a short session on Tuesday. It was lower than on Monday on the Nasd and slightly higher on the New York. It would have been more encouraging if volume was higher, but the SPX got back above its 50dma, which is good. It takes more than we saw today to really change the overall picture, but it could be a start. Jerry