Jerry Samet
02-29-2024, 06:24 PM
The market had a positive session today after receiving the PCE report well. The major averages opened solidly higher but then gave up much of the gains. The major averages bottomed and then rallied into the close. All the major averages finished near their intraday trading highs. The COMPQ and the NDX gained .90% and .95% respectively. The SPX rallied .52%. Volume was higher across the board, but only slightly so on the Nasd. Leading stocks had a good session as well with the leaders index gaining .94% in the day. The index closed high in its trading range on higher and about average volume. This is a new high for the leaders index. The market had a good session today after the PCE report came in about as expected. The market seemed relieved that it was not higher, like the recent inflation reports were. Early gains were lost, but strength came in and all the major averages finished strong. They all made new highs today, also encouraging. Quality growth stocks are also doing well as can be seen in the chart of the leaders index. The rally looks like it is on solid ground and should make some more progress. Jerry