Jerry Samet
02-02-2021, 06:27 PM
The market put in a solid rally all around today. The major averages opened higher and spent most of the remainder of the session either moving higher or holding the gains. A little late selling saw the major averages finish off their absolute highs, but still high in their intraday trading ranges. There was strength all around as the COMPQ and the NDX rallied 1.56% each. The SPX was higher by 1.38%. Volume was slightly higher across the board. It gained 1.70% on the New York and 4.06% on the Nasd. It is encouraging that volume was higher on a rally day. Leading stocks participated in the upside as well with the leaders index gaining 2.00% on the day. The index closed high in its trading range. Volume was higher but still below average. The market rallied pretty strongly today. The major averages gapped higher at the open and were strong the rest of the day. It looks like the stimulus bill will be pushed through at its full amount so there will be a lot more money coming into the system. Expectation of good earnings reports also helped and there were good numbers out of GOOGL and AMZN after the close. Futures are higher as of this writing. Today we broke the pattern of lower volume on rally days that we have been seeing recently. This is positive. There were also some actionable breakouts today. Both the major averages and the leaders index are trying to rally back to their recent highs. Whether or not they can break above these recent highs will tells us a lot about the future of the rally. Jerry