Jerry Samet
06-12-2019, 07:26 PM
The market put in another overall weak performance today. The major averages opened slightly lower and spent the rest of the day working their way down. All the major averages finished in the lower half of their intraday trading ranges, showing little support. The Nasd averages were the weakest with the COMPQ and the NDX losing .38% and .55% respectively. The SPX declined .20%. Volume was lower across the board, falling by 3.74% on the Nasd and 6.95% on the New York. There was no distribution today. Leading stocks did a little better than the overall market with the leaders index gaining .26% on the day. The index closed in the upper half of its trading range and remains above all its short term moving averages, as you would expect with the index so new. Volume was lower and below average. The market put in another underwhelming performance today. It was lower virtually the entire session and closed low in the major averages trading ranges. We are now past the important three day window where any distribution is very negative for a rally attempt. There has been no official distribution, but the markets action since the follow through three trading sessions ago has been disappointing. On the positive side quality growth stocks are acting a bit better than the overall market and the New York averages are holding above their 50dma’s. On the negative side there have been a couple of sessions that, while not strictly qualifying, had the feel of stalling and the charts of the Nasd averages sure look like they are being turned back at their 50dma’s. The follow through is still in effect, but it is struggling. I will be away for a few days, the updates will resume on Monday. Jerry