Jerry Samet
11-06-2024, 07:04 PM
It was a strong session today. The major averages gapped up at the open and worked their way up the rest of the day. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained 2.95% and 2.74% respectively. The SPX rallied 2.53%. Volume was much higher across the board. Leading stocks had a good day as well with the leaders index gaining 3.15% on the day. The index closed high in its trading range on higher and above average volume. The market staged a strong rally today after the election. The market may have been relieved the election was over. It certainly seemed to like the results. All the major averages made new all time highs on very strong volume. Right now most of the uncertainty is out of the way. Most of the major earnings reports are out and the election is out of the way, with a clear result. The Fed announcement is tomorrow. 25 basis points is probably baked in, but you never know what will come out of the press conference. It looks like the way is pretty clear for a good year end rally. We should have a nice move up from here. Jerry