It was a wild ride yesterday. After opening stronger after a better than expected employment report the major averages went to solid gains. All those gains were lost as selling came in and then late in the day buying came back and the major averages finished strong. All the major averages closed high in their intraday trading ranges. The COMPQ and the NDX gained 1.28% and 1.58% respectively. The SPX rallied 1.36%. Volume was considerably higher across the board. Leading stocks were higher as well with the leaders index gaining .49% on the day. The index closed high in its trading range on higher and well above average volume The employment report came in a bit higher than expected and instead of selling off the market rallied at the open to solid gains. Those gains were lost as sellers came in and drove the market to decent losses. In the last couple of hours of trading buyers came in and restored most of the early gains. This is not what you would have expected given the stronger than expected employment report, but it is how it worked out. The market overall is still not looking very strong and next week will also have important news. The CPI report comes out on Thursday, but the most significant news will be the election results on Tuesday. It will be another interesting week. Jerry
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