The market had a strong session today. After the inflation report came in a little higher than expected the major averages showed a little early weakness at the open and then rallied pretty much into the close. All the major averages finished near their intraday trading highs. The COMPQ and the NDX led the way with gains of 1.54% and 1.49% respectively. The SPX was higher by 1.12%. Volume was higher across the board. Leading stocks rallied as well with the leaders index gaining 1.70% on the day. The index closed high in its trading range on slightly lower and below average volume. The market put in a solid rally day today after some recent iffy action. The major averages traded higher all day and finished strong. The higher volume was also an encouraging sign. The leaders index bounced off its important 17dma support with a nice gain. Some ETFs of quality growth stocks did even better. Today’s action was good and we may well see some higher prices before the rally is over, but we are clearly a lot closer to the end than the beginning. Jerry
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