Jerry Samet
04-09-2020, 06:26 PM
The market put in another rally session today after the Fed announced over 2 trillion dollars in QE purchases. The major averages gapped up at the open and mostly bounced around from there. The major averages closed just below the midpoint of their intraday trading ranges. The New York averages were the strongest with the SPX gaining 1.45%. The COMPQ and the NDX were higher by .70% and .11% respectively. Volume expanded quite a bit. It was higher by 37.57% on the New York and 19.63% on the Nasd. Leading stocks were higher but underperformed the overall market. The leaders index gained .62% on the day and closed in the upper half of its trading range. Volume was higher but still below average. The market continued to build on its current rally attempt. The Fed action put a lot of additional money in the system and the market rallied. It closed just below the midpoint of its trading range so there was some profit taking, but the high volume showed that large institutional players were in there buying stocks. There was a Eureka signal yesterday and that helps the rally attempt. We will see Monday morning what the weekly Coppock will look like next week. If it turns up it will add a lot of support to the market. The market looks like it wants to go higher right now, but there are still a lot of crosscurrents out there. Jerry