Jerry Samet
04-11-2019, 09:31 PM
The market took a breather today, but overall the action was ok. The major averages opened a little higher but then mostly sold off the rest of the session. The New York averages held up the best with the SPX flat and the COMPQ and the NDX off by .21% and .22% respectively. The Nasd averages finished low in their intraday trading ranges while the New York averages closed just above the midpoint of their trading ranges. Volume was lower across the board, just what you want to see when prices are pulling back. Leading stocks held up pretty well with the leaders index declining only .08%. The index closed in the upper half of its trading range and volume was lower and well below average. The market seems to be consolidating a bit as it likely prepares to make a run for the old highs. This is generally encouraging action and the lower volume today shows that large institutional players were not dumping stocks. The leaders index is close to its highs and has been going sideways on low volume for a couple of weeks now. The overall picture still looks positive and the odds favor an attempt to get to new highs. Jerry