Jerry Samet
05-14-2024, 06:21 PM
The market put in a solid session today. The major averages opened a little higher and spent most of the day working their way higher. All the major averages finished near their intraday trading highs. The COMPQ and the NDX gained .75% and .68% respectively. The SPX rallied .48% Volume was higher across the board. Leading stocks had a good session as well with the leader's index gaining 1.66% on the day. The index closed high in its trading range on higher but below average volume. The market had a good session today with solid gains on higher volume. The PPI came in higher than expected but friendly comments from Powell seemed to counteract the report. The major averages rallied into the close and finished strong. All the major averages made new highs for the move and are close to their old all-time highs. Leading stocks are acting well as there are fresh breakouts. The leaders index made new highs on both a price and a relative strength basis. The market is acting like it wants to go higher and participating is the correct course. I do have some reservations about this rally, but you can’t argue with a rising market. Jerry