Leaders Index 5-2-24

The market had a strong session today. The major averages opened higher and after a little selling turned around and rallied into the close. All the major averages finished near their intraday trading highs. The COMPQ and the NDX gained 1.51% and 1.29% respectively. The SPX rose .91%. Volume was lower across the board, meaning there was no follow through today. Leading stocks had a strong session as well with the leaders index rallying 2.22% on the day. The index closed high in its trading range on lower and about average volume. The market staged a nice rally today and made up a decent chunk of the late reversal yesterday. The major averages showed good price gains, but the volume to confirm the price move wasn’t there. After the close AAPL came out with its earnings report and the market seems to like it as the stock is trading up in the aftermarket. The gains today were nice but the lower volume showed that large institutional players were not buying heavily today. For the market to make any kind of real rally attempt the major averages will have to break above their respective 50dma’s, hopefully with strong volume. The employment report comes out tomorrow before the open and could move the market if it varies much from expectations. There will be no update tomorrow. Jerry