Jerry Samet
06-05-2024, 06:21 PM
The market staged a nice rally today. After a couple of friendly economic reports the major averages opened higher and rallied pretty much the entire session. Late strength saw all the major averages finish near their intraday trading highs. The NASD averages led the way with the COMPQ and the NDX gaining 1.96% and 2.04% respectively. The SPX was higher by 1.18%. Volume was mixed, higher on the NASD and lower on the New York. Leading stocks had a very strong session with the leaders index gaining 4.95% on the day. The index closed high in its trading range on higher and above average volume. Tis is a closing high for the leaders index. The market had a very nice rally today. A weaker than expected ADP report and a stronger than expected ISM report renewed hopes for interest rate cuts and lit a fire under the market. All the major averages made new highs, the NASD averages on higher volume. I have been skeptical of this rally, but this was a very good day. This does improve the overall picture. Jerry