Jerry Samet
04-02-2020, 06:18 PM
The market rallied today after yesterday’s decline. The major averages opened higher and after some selling regained their footing and were positive throughout the session. Late buying came in and all the major averages closed near the top of their intraday trading ranges. The New York averages were the strongest with the SPX higher by 2.28%. The COMPQ and the NDX gained 1.71% and 2.00% respectively. Volume was mixed. It was higher by 7.88% on the New York and lower by 2.52% on the Nasd. Leading stocks were higher as well but lagged the overall market. The leaders index gained .11% and closed in about the middle of its trading range. Volume was lower and below average. The market was higher today despite a record number of jobless claims. The official employment report will be announced before the open tomorrow. The gains today recovered about half of yesterday’s losses. Volume was mixed but at least it was higher on the New York. We are still bouncing around in a pretty weak rally attempt. The situation really hasn’t changed much. The market is trying to rally but has seen some weakness in the last few days. We are still not in much of a position to have a well confirmed follow through so it is likely this recent upturn will not turn out to be much and we will proceed with the next leg down of this bear market. I really don’t see any real tradable rally coming in until there is some sense that we are turning the corner on this whole mess. For now stay on the sidelines. Jerry