The market put in a good session today. After the news of the bombing of Iran you would expect a selloff. The market held up well and only sold off on news of a strike on U S bases. The strike was weak and the market rallied into the close. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained .94% and 1.06% respectively. The SPX was higher by .96%. Volume was lower across the board. Leading stocks rallied as well with the leaders index gaining .95% on the day. The index closed high in its trading range on lower and below average volume. The market did pretty well today considering the news today and over the weekend. The U S bombed Iran’s nuclear sites over the weekend and Iran fired a few missiles at our bases today. The market did well early but sold off when news of Iran’s strike came out. When it was clear that it was limited and seemingly meant for face saving purposes the market rallied nicely. Market internals were strong and the Summation Index looks close to turning up. The fact that the market acted this well in the face of potentially negative news is good. There are still a lot of cross currents and a lot could go wrong, but the market looks like it wants to go higher. Jerry
Reply With Quote