The market had a strong session today. After opening higher the major averages mostly worked their up from there. A little mid-session weakness was overcome and the market closed strong. All the major averages finished near the top of their intraday trading ranges. The COMPQ and the NDX gained 1.50% and 1.43% respectively. The SPX rallied 1.04%. Volume was higher across the board, giving it a strong accumulation day. Leading stocks had a very good session with the leaders index gaining 4.84% on the day. The index gapped higher and closed in the upper half of its trading range on higher and above average volume. This is a new high for the index on both a price and a relative strength basis. The market put in a strong session today after the PPI was higher than expected and some tariffs were announced. The market handled it well and rallied nicely. The gains were strong and volume was higher across the board. This gave it a follow through like day. The strong action in the face of tariff talk that had sent the market lower recently is encouraging. The SPX s just below its high and the NASD averages are not that far behind. Another positive sign is the strong action in quality growth stocks. The leaders index and some ETFs of leading growth stocks are strong. The outperformance of leading stocks is an encouraging sign. Today’s action improved the picture. The major averages, particularly the SPX, are close to their old highs. Breaking above these old highs with conviction it what we really want to see. Jerry
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