Jerry Samet
05-06-2020, 07:32 PM
We had a bit of a mixed market today, with the Nasd averages outperforming. The major averages opened higher and after some selling mostly worked their way higher. There was late selling again, as a story about China possibly not honoring the recent trade deal came out. The Nasd averages produced solid gains early as there was strength in tech and semiconductor stocks. The New York averages struggled to get into positive territory but couldn’t hold it. The COMPQ and the NDX were higher by .51% and .61% on the session. The SPX was lower by .70%. All the major averages finished low in their intraday trading ranges due to the late selling. Volume was lower across the board. It fell 8.51% on the Nasd and 6.16% on the New York. This means that there was no distribution on the day. Leading stocks were a bit mixed but generally higher on the session. The leaders index rose .29% on the day. It closed in the lower half of its trading range, but made new highs on both a closing and an intraday basis. The relative strength line also made a new high. Volume was lower and below average. The market was split today with strength in the Nasd averages and some weakness in the New York averages. The market was acting well overall until news came out about China not honoring the trade deal. There was real strength in the Nasd averages and while a lot of it was lost the action occurred on lower volume, which takes out some of the sting. Leading stocks are doing well with the new highs in the leaders index on both a price and a relative strength basis. We will be getting some economic news later this week that could well effect prices, but the overall action of the market remains encouraging, at least in the short term. Jerry