The market put in another positive session yesterday. The major averages opened higher and after a little early weakness turned around and rallied the rest of the session. All the major averages finished near their intraday trading ranges. The COMPQ and the NDX gained .52% and .43% respectively. The SPX was higher by .70%. Volume was lower across the board. Leading stocks were higher as well with the leaders index gaining 1.06% on the day. The index closed high in its trading range on lower and below average volume. The market continued its recent positive action yesterday. The market showed some good price gains and closed strong. The major averages have overcome key resistance and are approaching their old highs. The question now is what will happen if and when it gets there. I have said before that this bear could be like either the bear of 2020, a quick V bottom that led to a fast rally, or will it be a more standard bear like 2022. If that is the case the market will pull back down for a third down leg. Only time will tell. Right now things are looking pretty solid. After the close yesterday Moody’s cut the debt rating on U S government debt. The futures were selling down after the announcement, but who knows where they will be by Monday. Jerry
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