Jerry Samet
08-15-2024, 06:41 PM
The market staged another strong rally today and produced an accumulation day. The major averages opened higher after stronger than expected retail sales and rallied most of the day. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained 2.34% and 2.46% respectively. The SPX rallied 1.61%. Volume was higher across the board. Leading stocks rallied as well with the leaders index gaining .57% on the day. The index closed high in its trading range on lower and below average volume. The market put in a strong session all around today. The retail sales report and WMT’s earnings reduced fears of a recession. The SPX and the NDX cleared their 50dma’s while the COMPQ finished fractionally above this important moving average. This is important. The rally is gaining some strength. I am still a little skeptical of this rally but it is acting well so far and being invested is the way to go right now. There will be no update tomorrow. Jerry