Jerry Samet
03-16-2026, 06:07 PM
The market had a good session today. The major averages gapped up at the open and mostly held the gains the rest of the day. The New York averages finished in about the middle of their intraday trading ranges while the NASD averages closed low in theirs. The COMPQ and the NDX gained 1.22% and 1.13% respectively. The SPX rallied 1.01%. Volume was lower across the board. Leading stocks had a good day as well. The leaders index gained 3.07% on the day. The index closed in the lower half of its trading range on higher but below average volume. The market had a nice rally today as oil prices retreated. Most of the gains were in the opening gap and the major averages went sideways from there. The gains were good all around. The lower volume means that there was no follow through on the COMPQ, which did not undercut the low of its rally day on Friday. Today’s action was encouraging. We are still in a situation where news from the oil market and the conflict will affect the market, but barring something really bad happening, the ingredients for a new rally are in place. We could get a follow through on the COMPQ as it didn’t undercut its rally day. In addition the weekly Coppock is in negative territory and the rate of decline is slowing. If the market holds here or rallies there could well be a signal in the next few weeks. I don’t think the market is ready to stage a real tradable rally yet, but it could be soon. Jerry