The market acted pretty well today, despite the early decline. The major averages opened lower and showed some meaningful declines. The major averages quickly found a bottom and rallied for most of the remainder of the session. All the major averages finished near their intraday trading highs as buying continued into the close. There were still modest losses but most of the early losses were recovered. The Nasd averages were the weakest with the COMPQ and the NDX losing .47% and .72% respectively. The SPX declined .15%. Volume was lower across the board. It fell 6.92% on the New York and 2.69% on the Nasd. Leading stocks were lower as well with the leaders index falling 1.02% on the day. Volume was lower and extremely light. The index held its short term 9dma at its lows. The action of the market today was overall positive. It looked early like it could be an ugly day, but the market recovered and rallied the rest of the day. This shows that there is support under the market. The lower volume also shows that large institutional players were not dumping stocks today. Leading stocks are generally acting well as there are a fairly consistent supply of new breakouts. The leaders index is also doing well as it has rallied to new highs and has pulled back only a bit on lower volume. It also held short term support today. The major averages made a nice advance and came very close to their old highs. They now seem to be consolidating those gains in a fairly constructive manner. There are a lot of uncertainties now, ranging from the election to the pandemic to even earnings. Even with this the rally seems to be on solid ground and it looks like it wants to go higher. Jerry
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