Jerry Samet
04-29-2020, 06:41 PM
The market put in a strong rally session today. The major averages opened higher and rallied for most of the day. A little late weakness saw the major averages finish off their highs of the day, but they all closed near the top of their intraday trading ranges. Before the open there was news of an encouraging test of Gilead’s new treatment along with a good earnings report from GOOGL after yesterday’s close that accounted for the early strength. The Fed announcement also gave fuel to the rally. The Nasd averages led the way with the COMPQ and the NDX higher by 3.57% and 3.52% respectively. The SPX rallied 2.66%. The greatest strength was again in the small and mid-cap stocks with the RUT gaining 4.83% and the MID higher by 4.19%. Volume was higher across the board. It gained 16.91% on the Nasd and 15.67% on the New York. Leading stocks rallied as well with the leaders index gaining1.46%. The index underperformed the overall market but it again held above its 9dma. Volume was higher but slightly below average. The market staged a powerful rally today with all the major averages closing strong. The higher volume showed that large institutional players were buying stocks today. We should see the market strong early tomorrow as well received earnings report from MSFT, FB and TSLA were released after the close. It looks like the weekly Coppock is going to give a signal also. It will likely turn up this week, or next week at the latest. The A’;s minus E’s, which just slightly turned down flattened out today and any more positive action will likely turn it higher. A Coppock signal will add a lot of weight to the rally case and it would mean that the current upturn has further to go. Jerry