Jerry Samet
10-29-2019, 06:27 PM
Thee market pulled back a little today after a couple of days of rallying. The major averages opened lower and bounced around until some late selling saw all of them close at or very near their intraday trading lows. The Nasd averages were the weakest with tech stocks declining after GOOGL delivered a disappointing earnings report. The COMPQ and the NDX sold off by .59% and .79% respectively. The New York averages held pretty steady as the SPX fell only .08%. Volume was mixed. It was higher by a slight .29% on the New York but declined by 3.04% on the Nasd. This is good as the larger declines on the Nasd came on lower volume. Leading stocks outperformed the overall market today. The leaders index gained .31% on the session. It closed low in its trading range but held the support of its short term moving averages. Volume was higher and about average. The market held up pretty well today after its recent rally. The leaders index continues in the consolidation it has been in for the last ten trading sessions. It is holding above a confluence of its 9dma and 17dma. The direction it breaks from will tell us a lot about the direction of the market going forward. The major averages held up pretty well. Nasd averages sold off on worse than expected earnings, but didn’t get hit to hard. The New York averages were pretty much unchanged. The likely direction of the market remains higher in the short term, but we still have a lot of earnings reports ahead and the APEC summit is coming up. Jerry