Jerry Samet
12-06-2021, 06:26 PM
The market had a solid rebound today, at least on a price basis. The major averages opened a bit higher and rallied for most of the session. All the major averages finished high in their intraday trading ranges. The Nasd averages brought up the rear with the COMPQ and the NDX higher by .93% and .85% respectively. The SPX rallied 1.17%. The small and mid-cap averages were the strongest. Volume was the issue today. It was lower across the board. It fell 12.18% n the Nasd and 17.30% on the New York. Leading stocks didn’t get much of a pop today. The leaders index was higher by .36% and closed high in its trading range. Volume was lower but above average. The FFTY was down on the session by .63%. The market bounced today, maybe because it was oversold on a short term basis, or maybe because early reports on the new omicron variant seems to say it produces very mild symptoms. The price gains were nice, but there was significantly less volume on the rebound. This is not what you want to see. You want to see higher volume on the rebound than there was on the decline. That has not been happening lately. Large institutional players were not heavy buyers today. Today counts as the first day of a rally attempt. Thursday will be the first day there could be a follow through. If one were to come so quickly I would treat it with caution. Today’s action was mixed and it is to early to get very excited by it. Jerry