The market opened strong after the PPI report came in below expectations. The major averages mostly held on to the gains until selling came in due to a news story. The major averages recovered much of the losses and all the major averages finished in about the middle of their intraday trading ranges. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.45% each. The SPX was higher by .87%. Volume was higher across the board. Leading stocks were higher as well with the leaders index gaining 1.25% on the session. Volume was higher but below average. This is a new price high for the leaders index. The market was strong after the PPI seemed to confirm last week’s CPI report that inflation may be moderating. There was a sell off during the day after a report that Russian missiles had hit Poland. The market recovered most of the losses by the close in a sign of resilience. The rally seems to be on solid ground right now and the major averages look like they are going to make a run for their 200dma’s. Jerry
Reply With Quote