Jerry Samet
10-10-2023, 06:25 PM
The market built on recent gains today in an overall positive session. The major averages opened moderately higher and built on those gains. Some selling came in and the major averages finished in the lower half of their intraday trading ranges, but still with solid gains. The COMPQ and the NDX gained .58% and .56% respectively. The SPX was higher by .52%. Volume was higher across the board. This is good but it is compared to a holiday session yesterday. Leading stocks rallied as well with the leaders index gaining 1.42% on the day. The index closed in the lower half of its trading range on lower and below average volume. The market actually put in a solid session today despite losing some of the early gains. It has built on the follow through of last Friday and we are now outside of the two day window where one distribution day can be fatal to a rally attempt. The picture got a bit better today with more positive action. The Summation Index and the A’s minus E’s are heading up. The weekly Coppock is still headed down, but the rate of decline is slowing. This could set up a buy signal in two or three weeks. If that happens I will become much more positive. The situation in the Middle East right now is a huge wild card, but so far so good. Jerry