Jerry Samet
06-12-2024, 06:19 PM
The market put in a strong session today after a friendly CPI report and the Fed announcement. The major averages opened higher and mostly held the gains. A little late selling saw the major averages finish off their highs and in about the middle of their intraday trading ranges, but with the opening gap they still saw solid gains. The NASD averages led the way with the COMPQ and the NDX gaining 1.53% and 1.33% respectively. The SPX rallied .85%. Volume was higher across the board. Leading stocks participated as well with the leaders index gaining 1.62% on the day. The index closed in the lower half of its intraday trading range on higher but below average volume. ETFs of leading growth stocks did well too. The market opened strong after the CPI report came in better than expected. It reignited hopes of more than one rate cut. The market held its gains most of the day, although there was some selling during the press conference and the major averages closed in about the middle of their trading ranges. The gains came mostly from the opening gap. Today’s action was encouraging. The prospect of better inflation data helped the rally. All the major averages made new highs today on higher volume. That is good action. Futures are higher as of this writing on earnings from AVGO. I have been skeptical of this rally but it is clearly gaining strength. You don’t argue with the market. Jerry