Jerry Samet
01-26-2023, 06:30 PM
The market had another positive session today. The major averages opened higher and after a little early weakness rallied pretty much into the close. All the major averages finished near their intraday trading highs as strength continued into the close. The Nasd averages led the way with the COMPQ and the NDX gaining 1.76% and 2.00% respectively. The SPX gained 1.10%. Volume was higher across the board, making this an accumulation day. Leading stocks were strong as well with the leaders index gaining 1.18% on the day. The index closed high in its trading range on higher and above average volume. This is a new high for the leaders index on both a closing and an intraday basis. The market continued its positive action today. The major average made solid gains on higher volume, just what you want to see. Nasd stocks led as the big cap tech stocks were strong. The higher volume showed that large institutional players were buying stocks today. The market reacted well to economic news reported today, but the futures were trading slightly lower at the time of this writing. Both the COMPQ and the SPX have clearly broken above downtrend lines that go back to the beginning of the bear market on both the daily and weekly charts. The market is looking pretty solid right now and increasing exposure is warranted. Jerry