Jerry Samet
11-11-2023, 10:46 AM
The market rallied strongly yesterday, more than wiping out Thursday’s weakness. The major averages opened higher and mostly worked their way up the rest of the day. All the major averages finished near or at their intraday trading highs. The Nasd averages were the strongest as large cap tech stocks did well. The COMPQ and the NDX gained 2.05% and 2.25% respectively. The SPX rallied 1.56%. Volume was lower across the board, although the holiday may have had something to do with that. Leading stocks were higher as well, but lagged the overall market. The leaders index gained .98% on the day. The index closed high in its trading range on higher and above average volume. The leaders index remains in its consolidation and we should watch for it to break into new high ground. The session yesterday was strong all around. Thursday’s weak action was erased with the major averages making new highs for the move. Market internals were strong yesterday after not doing well so far in the rally. We still have to keep an eye on market internals, but at least they were up yesterday. The lower volume was disappointing but it was a holiday and some market participants were not there. The most important item is that the weekly Coppock did give a buy signal this week. That combined with last week’s follow through are a strong signal. It looks like we are in a solid year end rally and being heavily invested is the way to go. Jerry