The market put in a strong session today. After a slightly higher open the market rallied throughout most of the session. There was overnight selling after a missile strike in Iraq, but the market came back before the open. After a press conference that seemed to deescalate the situation the market rallied hard. There was late selling after a story about explosions in Bagdad, but aftermarket trading today showed prices rising. The Nasd averages were a little stronger with the COMPQ and the NDX gaining .66% and .74%. The SPX rallied .49%. The Nasd averages finished in the upper half of their intraday trading range while the New York averages closed in about the middle of their trading ranges. Volume was higher across the board. It gained 3.54% on the Nasd and 9.01% on the New York. Leading stocks did well also with the leaders index gaining .58% on the day. The index closed in the upper half of its trading range and volume was higher and a bit above average. The action of the market today was positive. Overnight weakness was gone by the open and the major averages rallied strongly. Late selling came in after reports of explosions in Bagdad, but futures are higher after the close. All the major averages made new intraday highs and the Nasd averages made new closing highs. The leaders index made new highs on higher volume. The market is acting well and the rally appears to be on solid ground. One thing to watch are the two short term indicators I look at. The A’s minus E’s are still moving lower, at a small pace, and the Summation Index turned lower today. These are things to watch, but the trend is still up. Jerry
Reply With Quote