Jerry Samet
03-09-2026, 06:13 PM
It was a wild ride today. After last week’s weakness the market opened lower on a spike in oil prices. The major averages opened lower, but quickly found a bottom. They rallied into the close and all the major averages closed high in their intraday trading ranges. The COMPQ and the NDX gained 1.38% and 1.32% respectively. The SPX rallied .83%. Volume was higher across the board. Leading stocks had a strong rebound as well. The leaders index gained 6.19% on the day. The index closed high in its trading range on higher and slightly below average volume. The market looked bad early on. Oil prices spiked higher over the weekend and caused a selloff early. Oil started coming down and the market recovered the losses. Then Trump made positive comments abut the war and the market took off into the close. This was a good reversal because the market was recovering before Trump spoke. The reversal was encouraging, but the market has a way to go before it is out of the woods. The price of oil will likely be the or a least a primary driver of prices in the short term. A lot depends on how the Iran situation goes in the next few weeks. There will certainly be a lot of volatility, and I believe we could well see mostly sideways to downward action for the next few weeks. But the pieces are in place for a new rally. The weekly Coppock is now in negative territory and is set up to signal. It would likely take two to four weeks for it to turn up. Today was a rally day so a follow through could occur later this week or beyond. A market friendly resolution of the current situation in the middle east could be the trigger. For now it remains a difficult market. Jerry