Monday, November 06, 2006

Solid Rally Ahead Of Elections

The market put in a very solid day. I was worried that the early strength might fade, but the markets were able to hang on and essentially close near their highs for the day.

Volume levels increased slighltly on both the NYSE and Nasdaq, making for an accumulation day. Today's rally likely caught many off guard, as it comes on the eve of the elections, normally a period of uncertainty.

Breadth was very strong, and the Hi/Lo indexes expanded nicely. The 10-year yield finished slightly lower at 4.71%. All of the major sectors rallied, despite a pop in oil back near $60. The put/call ratios finished at average levels.


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