Jerry Samet
11-14-2023, 06:25 PM
The market rallied strongly today on encouraging inflation news. The major averages opened higher and held the gains during the day. All the major averages finished high in their intraday trading ranges. The gains were widespread with the COMPQ and the NDX gaining 2.37% and 2.13% respectively. The SPX rallied 1.91%. Small and mid-cap stocks were even stronger. Volume was much higher across the board, showing that large institutional players were buying stocks today. Leading stocks were higher as well with the leaders index gaining 2.04% on the day. The index closed high in its trading range on higher and above average volume. The index also made new highs on both a closing and an intraday basis. The market rallied hard when the CPI report came in pretty friendly. The major averages gapped open and stayed strong the whole session. The fact that small and mis cap stocks were so strong is a good sign and may signal that the rally is broadening out. The big increase in volume showed that institutions were in there buying heavily today. There were also a large number of new breakouts today as new stocks join the party. This is encouraging. Market internals were also very strong, erasing recent worries about the rally being to thin. The market is acting well and the rally advanced strongly today. There is a potential government shutdown over the weekend, but everything looks good now. Jerry