The market staged a nice snapback rally today. The major averages opened higher and after some weakness rallied back and closed strong. All the major averages finished near their intraday trading highs. The COMPQ and the NDX gained 1.58% and 1.54% respectively. The SPX rallied 1.08%. Small and mid-cap stocks were strong as well. Volume was mixed, higher on the NASD and lower on the New York. Leading stocks had a good day as well with the leaders index gaining 1.59% on the day. The index closed in about the middle of its trading range on higher but below average volume. The market bounced back today in a nice rally. One day doesn’t make a change in direction, but it was a welcome respite from last weeks selling. The major averages still have to overcome some moving average resistance and the leaders index remains below its 50dma. We have to see today’s action continue to be comfortable saying last weeks weakness is over. Tomorrow GOOGL and TSLA report earnings after the close, and there are several other important companies reporting. Also there are a couple of important economic reports. There are many potential market moving events in the next couple of weeks, so we will have to see how the market reacts to them. Jerry
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