The market had another moderately positive session today. The major averages opened higher and after selling came in and drove them into negative territory buyers returned and they rallied mostly into the close. All the major averages finished near their intraday trading highs. The COMPQ and the NDX gained .56% and .47% respectively. The SPX was higher by .25%. Volume was higher across the board. Leading stocks were mostly flat on the day with the leaders index gaining .01%. The index closed high in its trading range on higher and about average volume. The market had an overall positive session today. The major averages had decent gains and closed strong. This is encouraging action. Leading stocks are acting better and are starting to produce worthwhile gains. This seems to be a rally that is working its way higher but is not showing a lot of force yet. It is profitable, but not likely to produce really large gains, at least not yet. The rally may need some catalyst to really get it going. We are close to a more seasonally positive period and we may have to get the election over with before the market can stage a strong rally. The weekly Coppock is now very close to zero and could give a signal in the next few weeks. Right now we are at least seeing decent gains. Jerry
Reply With Quote