The market put in a solid session today. The major averages opened higher and rallied pretty much the rest of the day. All the major averages finished ear their intraday trading highs. The COMPQ and the NDX rallied .97% and .94% respectively. The SPX gained .80%. Volume was higher across the board. Leading stocks had a strong session as well. The leaders index gained 1.46% on the day. The index closed high in its trading range on higher and below average volume. The market had a strong session today with good gains in the major averages and leading stocks. The strong finish is encouraging. The NDX rose further into new high ground and the COMPQ and the SPX are fractionally below their old highs. The higher volume today was also a good sign. It would be encouraging to see a clear and decisive break into new high ground by the major averages. That would signal that we are likely in a bull market and that the V bottom bear we went through is over. That would make it similar to the V bottom bear in 2020. The PCE report comes out before the open tomorrow and could effect the market. Right now the rally looks pretty good. We heard today that IBD was going to stop supporting the Meetup groups. I know there are several meetup groups that receive the updates and we don’t know what the status of those groups and their email lists will be. I have a Google Group that I use to put out the updates. If you get the updates from an IBD meetup source you may lose it. To sign up at my Google Group go to the Google Groups website and search for Jerry Samet’s Leader Index Updates and add your email to the group. You will then get it directly from me. If you have an email group that is not part of an IBD meetup group you can add that also and it will go to the members on that email group’s email list. It is unfortunate but that is their decision. We should all thank Amy Smith for the work she has done for these groups. Jerry
--
Reply With Quote