The market bounced around today before late strength came in and all the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained .84% and .90% respectively. The SPX rallied .45%. Volume was mixed, lower on the NASD and higher on the New York. Leading stocks were lower on the day with the leaders index falling 1.21% on the session. The index closed low in its trading range on lower and below average volume. The market continued to bounce back today and closed strong. Volume was mixed so it didn’t tell us much. Leading stocks were weak on the day but not by too much. The major averages are approaching their respective 50dma’s and the SPX is very close. We will have to see if they can overcome this resistance. The CPI report comes out tomorrow before the open. That will set the tone for trading tomorrow. Jerry
Reply With Quote