The market opened mixed today and bounced around most of the session. Late buying came in and the early weakness was erased. All the major averages finished at or very near their intraday trading highs. The New York averages were a little stronger with the SPX gaining .82%. The COMPQ and the NDX were higher by .37% and .82% respectively. Volume was higher across the board. It gained 10.12% on the Nasd and 12.84% n the New York. It is positive to see higher volume on a rally day. Leading stocks were generally weaker on the day with the leaders index losing .44% on the day. The index closed high in its trading range on lower and below average volume. The market looked like it would have another unimpressive day today, but something of a late reversal came in and produced solid gains. Growth and tech stocks lagged and the relative strength line of the leaders is right on its 50dma. You want to see quality leading stocks outperforming the overall market. It looked like the market might start to correct and then to throw you off it rallies. I don’t think anything that happened today would change the overall picture of treating this market cautiously. Jerry
Reply With Quote