The market had a strong rally today with the major averages opening higher and remaining strong the rest of the session. All the major averages closed at their intraday highs, a sign of strength, and had solid gains. The COMPQ gained 1.34% while the SPX gained .99%. The COMPQ broke into new high ground and above it’s recent trading range and the SPX cleared it’s 50dma. Volume was higher across the board and well above average. This showed that large institutional players were heavy buyers of stocks. Leading stocks were generally higher as well. The leaders index was flat on the day because three of the components of the index, NHTC, NOAH and SHAK were hard hit. The other stocks in the index were up enough to offset these losses. Volume on the index increased and was above average. Even with the flat leaders index it was a very positive day for the market. The COMPQ and the RUT broke to all time highs, so we may be breaking out of the recent trading range. Some of the move was caused by news that the Europeans may give Greece an extension until the end of the year on it’s debt, which was later denied, but there is a meeting on Monday. Whatever the reason it was a very positive session and bodes well for higher prices. Jerry
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