Jerry Samet
10-27-2011, 11:30 PM
The market rallied strongly today on news that there was a deal in Europe to expand the rescue fund and a fifty percent haircut on Greek debt. There was also good news in the third quarter GDP report that eased fears of a double dip recession. The market gapped up at the opening and strengthened all day to close near the highs of the day. The major averages(except for the NDX) blew through their 200dma's to clear important resistance. Volume was very heavy, so today's action had what previous rally days lacked. Leading stocks also did well as there were fresh breakouts and the leaders index rose 3.6% on strong volume. Overall today was a very positive day and unless we get some surprise bad news the rally looks like it will continue. Jerry