The market staged a strong rally today after weakness earlier in the week. The major averages opened higher and worked their way up the rest of the day. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained 2.18% and 2.15% respectively. The SPX rallied 1.97%. Volume was lower across the board, about the only negative on the day. leading stocks had a strong session as well. The leaders index gained 5.75% on the day. The index closed high in its trading range on lower but above average volume. The market had a strong rally yesterday, just when it looked like a correction was setting in. The rally was strong in almost every respect, except volume. There remain many conflicting indicators now, including a new high in the A/D line yesterday. The question now is if this was just a dead cat bounce or the start of a renewed uptrend. It is to early to tell right now, but I would be careful about getting to excited to early. Jerry
Reply With Quote