Jerry Samet
09-12-2024, 06:10 PM
The market continued to rally today. The major averages opened moderately higher after the PPI report came in a bit higher than expected. They mostly rallied from there and closed strong, near their intraday trading highs. The COMPQ and the NDX gained 1.00% and .97% respectively. The SPX rallied .75%. Volume was lower across the board, a bit disappointing. Volume was lower across the board. Leading stocks rallied as well with the leaders index gaining 1.62% on the day. The index closed high in its trading range on lower and below average volume. The market rallied after the PPI report came in just a bit higher than expected. The market made good price gains and market internals were strong. The volume was a bit of a disappointment. The NASD averages joined the New York averages above their respective 50dma’s. The COMPQ also broke slightly above a downtrend line. The market is acting better after last week’s decline. The NASD averages regained their 50dma’s today and are going back and forth around this important moving average. At this point the market is acting better, but who knows if it will last. It’s a pay your money and take your chances market. Jerry