The market stages a solid rally today. The major averages opened higher and spent most of the session working their was up. All the major averages finished near their intraday trading highs as buying came in near the close. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.67% and 1.75% respectively. The SPX gained 1.41%. Volume showed slightly higher on both exchanges. Leading stocks had a good session as well. The leaders index was higher by 1.78% and closed near the top of its trading range. Volume was lower and below average. Today’s action saw the leaders index move above its recent consolidation and made a new high on both a price and a relative strength basis. The market showed solid price gains on slightly higher volume. This is positive action and looks like an accumulation day. The major averages regained their 21dema, but one day does not make a change of trend. Powell will speak tomorrow morning and that will set the tone for trading. There will be no update tomorrow. Jerry
Reply With Quote