Jerry Samet
06-06-2012, 07:53 PM
The market had a strong rally today. It opened higher and held the gains all day before rallying into the close. The major averages were up about 2.4% on the day and finished at the highs of the day. Volume was higher across the board as there was solid buying. There was no FTD today as we were only in the third day of a rally attempt, which is usually to soon. There was also no Eureka signal today, which you usually see on up day's this strong. Leading stocks participated as the leaders index rose 2.61% on higher but still below average volume. Many leaders(or former leaders) had good gains but they were mostly after recent declines so the charts still look pretty bad. There are few quality stocks set up in good chart patterns. The biggest single day rallies almost always occur in bear markets, and this is likely one of them. Jerry