Leaders Index 6-21

We had a strong rally day today with solid gains in the major averages. The Nasd rose over 2% on higher volume. IBD said this was not an FTD as we are only in day two of a rally attempt. Overall volume, while higher, was not that strong and was below average. We missed a Eureka signal by a small amount and the weekly Coppock, while negative, did not turn up as of today's action. That could change by the end of the week. The leaders had a very strong day with the index rising 5% on higher and above average volume. Most of the stocks in the index are badly broken and their rallies, while strong, were from very low levels and even though there were some pocket pivots do not constitute attractive buy points. We have been expecting a rally after the recent sell off and I would not be surprised to see the major averages come back to their 50dma's, but the lack of an FTD and other confirmation combined with the low number of stocks in a buyable position makes this rally attempt suspect. Jerry