The market had a fairly good day today considering the backdrop. The major averages opened considerably lower after hostilities broke out in Iran, but quickly found a bottom and rallied most of the remainder of the session. All the major averages finished high in their intraday trading ranges with moderate gains. The COMPQ and the NDX rallied .36% and .13% respectively. The SPX was about flat with a gain of .04%. Volume was lower across the board. Leading stocks had a pretty good session. The leaders index gained .61% and closed high in its trading range. The index tagged its 17dma at its lows, but bounced off it. Considering the news over the weekend the market reaction wasn’t that bad. The major averages showed some strength after early losses. Small and mid-cap stocks had a good day with solid gains. Market internals were slightly positive and leading stocks acted well. The market struggled last week and the weekly Coppock looked early in the week like the indicator would flatten out. Weakness by Friday ended that and the indicator is headed lower again. As of today it broke below zero, so it is set up to signal. We should be on the look out for another follow through, but I don’t think the market is ready to stage a real rally yet. It may need a few weeks of more work before we get a tradable rally. Jerry
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