The market staged a strong rally yesterday on a much better than expected employment report. The major averages gapped higher at the open and held the gains for the rest of the session. The gains were pretty evenly spread around. The COMPQ and the NDX were higher by 1.00% and 1.07% respectively. The SPX rallied .91%. All the major averages closed at or very near their intraday trading highs, a sign that there was buying throughout the day. Volume was mixed. It was lower by 2.40% on the Nasd and higher by 3.62% on the New York. Leading stocks had a good session as well. The leaders index rallied 1.67% on the day and closed in the upper half of its trading range. The index finished above its 9dma and is now back above all its short term moving averages. Volume was higher but a bit below average. The action of the market yesterday was encouraging. The major averages have rallied back to just below their recent all-time highs. The higher volume on the New York was good and it would have been a little better if the Nasd volume was higher also. The leaders index is also just below its recent high and moved back there on higher volume. The market is acting well and the weight of the evidence points to a rally into year end and maybe into January. A continued rally into new high ground would confirm this. Jerry
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