Jerry Samet
01-31-2023, 06:30 PM
The market staged a strong session today. After opening moderately higher the major averages rallied most of the day. Late buying came in and the major averages all finished at their intraday trading highs. The small and mid-cap stocks were the strongest. The COMPQ and the NDX gained 1.67% and 1.59% respectively. The SPX rallied 1.46%. Volume was higher across the board, showing that large institutional players were buying stocks today. Leading stocks rallied as well with the leaders index gaining 1.55% on the day. The index closed high in its trading range on higher and about average volume. The market resumed its advance after yesterday’s weakness. The fact that the market would rally strongly the day before a Fed announcement shows confidence in the rally. The days action amounted to a solid accumulation day and there was a Eureka signal. This shows a good deal of strength. The COMPQ also regained its important 200dma after losing it yesterday. The higher volume on an up day after lower volume on a down day is also encouraging. The last three trading days of this week have a huge amount of news and earnings reports. These can easily move the market in either direction, but the overall picture is looking pretty bright right now. Jerry