Ther market put in a strong session today. The major averages opened higher and mostly worked their way up the rest of the day. Late strength saw all the major averages finish near their intraday trading highs. The COMPQ and the NDX gained 2.27% and 2.16% respectively. The SPX was higher by 1.76%. Volume was lower across the board, although it was close on the NASD. This was to be expected as Friday was an expiration day. Leading stocks were strong as well. The leaders index rallied 5.67% on the day. The index closed high in its trading range on lower but above average volume. The market staged a solid rally today after there was news that tariffs might not be as broad as feared. The major averages opened strong and closed strong, positive action. The price gains were large, but volume was lower, so there was no follow through. It would have been hard for volume to surpass the levels of Friday’s expiration day. The SPX overcame its 200dma while the NASD averages remain below this important moving average. The market is trying to stage a rally, but is still struggling. Today’s action helped, but more tariff talk could reverse recent gains. We will have to see if the NASD averages can overcome their 200dma’s, and the market can build on its gains, but today was a good day. Jerry
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