Jerry Samet
05-17-2021, 06:32 PM
The market opened lower today and continued down for much of the session. Late buying came in and the major averages recovered much of their early losses, but still closed down. The Nasd averages were the weakest with the COMPQ and the NDX falling .38% and .60% respectively. The SPX declined .25%. All the major averages finished high in their intraday trading ranges. Volume was very close to Friday’s levels but was lower across the board, according to Esignal. It fell 1.10% on the Nasd and .80% on the New York. The change was so small that other data feeds could produce different results. Leading stocks were lower as well with the leaders index lower by .67%. The index closed in the upper half of its trading range but remains below its important 50dma. Volume was higher but below average. The market mitigated early negative action by rallying off its lows. It still closed with losses but the late buying helped. Volume was very close to Friday’s levels so there was not heavy selling by large institutional players. It was an inside day for the major averages and the leaders index. The Nasd averages remain below their important 50dma’s and you can’t be to positive while this is the case. Tech and growth stocks continue to lag and this makes it a difficult environment for growth stock investors. Jerry