The market opened lower than recovered to about unchanged and then bounced around most of the session. Late buying came in and all the major averages closed near the top of their intraday trading ranges. The gains were moderate and evenly divided. The COMPQ and the NDX rallied .76% and .77% respectively. The SPX gained .69%. Volume was much lower across the board, as you would expect after an expiration day. Leading stocks were higher as well with the leaders index gaining .63% on lower and below average volume. The index traded below its 50dma but closed above this important support. The market is bouncing around right now. There could be two real possibilities at the moment. The market could hold the June lows and move mostly sideway for now, or the major averages could break below the June lows and likely move a good amount lower. For now the Fed announcement on Wednesday is the big event. Not much will likely happen before then. Jerry
Reply With Quote