The market put in a solid rally today. The major averages opened higher and spent most of the session holding on to those gains. Late strength saw all the major averages finish at or very near their intraday trading highs. The Nasd averages led the way with the COMPQ and the NDX gaining 1.53% and 1.50% on the day. The SPX was higher by .81%. Volume was lower across the board. It fell 3.52% on the Nasd and 7.35% on the New York. Small cap and semiconductor stocks were also strong. Leading stocks rallied today with the leaders index gaining 4.10% on the day. The index closed high in its trading range and is back above its short term 9dma support level. Volume was lower and below average. The market acted well today on talk of more stimulus. The major averages posted solid gains along with small and mid-cap stocks. The semiconductors continued to power ahead and the SOX made a new high. The lower volume was something of a disappointment as you want to see strong volume accompanying price advances. It was more disappointing as it was compared to volume on the day before a three day holiday weekend. Both the major averages and leading stocks did well and we likely have not seen the top yet. Jerry
Reply With Quote