The market had a good session today. The major averages opened higher and mostly worked their way up the rest of the day. All the major averages finished near their intraday trading highs. The Nasd averages led the way with the COMPQ and the NDX gaining 1.51% and 1.56% on the day. The SPX rallied 1.03%. Volume was lower across the board. Leading stocks were generally higher. The leaders index was about flat with a decline of .04%, due to weakness in a couple of its components. Other ETFs of leading growth stocks did better. The market rallied nicely today and has now recovered the declines of a couple of days ago. The major averages are now at marginal new highs. Today’s action was encouraging and the charts of the major averages are looking pretty good. It would have been better to see higher volume today, but that didn’t happen. The employment report comes out before the open tomorrow. That could move the market in either direction if it deviates much from expectations. The rally is getting pretty old and extended, but it doesn’t look like it is ready to roll over yet. Jerry
Reply With Quote