Leaders Index 10-24

The market had a strong rally today. The major averages rose between 1.29% and 2.35% on the day and rallied into the close to finish near the highs of the day. To repeat a theme, the only thing missing from today's rally was volume. It declined across the board and was well below average. This might be excused as Friday was an expiration day, but it would have been good to see at least above average volume on a strong up move. Leading stocks did well also as the leaders index rose 3.13%. Volume was about average and less than yesterday. The index also closed back above it's 50dma. The COMPQ broke above it's 200dma today and the New York averages are closing in. Recent research done by Mike Scott on the last five bear markets shows that after the first down leg the market rallied back to around the 200dma and then failed. If this rally is going to fail it should do so around here. The next few days will be critical. Jerry