Jerry Samet
01-08-2024, 06:22 PM
The market staged a strong rally today. The major averages opened higher and rallied the entire session. All the major averages finished near the top of their intraday trading ranges. The Nasd averages were the strongest with the COMPQ and the NDX gaining 2.20% and 2.11% respectively. The SPX rallied 1.41%. Volume was mostly higher. It was up a lot on the Nasd and about flat on the New York. Leading stocks had a strong day as well with the leaders index gaining 2.15% on the session. The index closed high in its trading range on higher and above average volume. After pulling back last week the market rallied nicely today. There was little that could be said that is not good about today’s action, with the possible exception of flat volume on the New York. The major averages and leading stocks were strong and much of the declines of last week were recovered. Today’s action seems to signal that the recent weakness is over and the rally is set to resume. I think the market will move higher from here. Jerry