Jerry Samet
04-30-2019, 07:27 PM
The market had a tough open today, but recovered the declines pretty well. The Nasd averages were hit today, mostly by a 7.50% decline in GOOGL after a disappointing earnings report. All the major averages opened weak and much of the declines were regained. The New York averages came all the way back with the SPX gaining .10% on the session. The Nasd averages were weaker with the COMPQ and the NDX declining .81% and .73% respectively. The New York averages and the NDX finished near their intraday trading highs, while the COMPQ closed in the lower half of its trading range. Volume was higher across the board. This, combined with the losses in the averages produced a fresh distribution day on the Nasd averages. Leading stocks were mixed, but had something of a solid tone. The leaders index declined 1.20% on slightly lower volume. This performance was not bad considering that AUDC fell 15.02% on huge volume after a poor earnings report. The index closed just below the midpoint of its trading range and held above its important short term 9dma support level. The market held up pretty well today. Early losses were erased to a large degree and all the major averages, except the COMPQ, closed high in their trading ranges. The weakness in the Nasd averages could be reversed tomorrow as AAPL reported strong numbers and is trading up 5% in afterhours trading. There was heavy volume today, which is good and bad. It is good in that the New York averages recovered and closed strong, but the weaker close in the COMPQ produced distribution. There are some items to be cautious about, but the overall trend still appears to be higher. I will be away for a few days. The updates will resume on Monday. Jerry