The market rebounded yesterday from Thursday’s decline and recovered a good part of the losses. The major averages opened higher and mostly worked their way up the rest of the session. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained 1.24% and 1.28% respectively. The SPX rallied 1.11%. Volume was lower across the board. Leading stocks rallied as well with the leaders index gaining .75% on the day. The market rallied yesterday and recovered a decent part of Thursday’s decline. After a big decline you want to see the quality of the bounce to try and determine if the worst is over. Yesterday’s bounce left a bit to be desired. The major averages had inside days and recovered only part of the losses. Volume was also lower, showing that large institutional players were not buying as heavily as they were previously selling. The employment report came in stronger than expected, but the market held up anyway. It still looks like the market is struggling and I continue to think it is in a topping process. Jerry
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