Jerry Samet
12-28-2021, 06:31 PM
The market took a break today, but the decline was pretty orderly. The major averages opened little changed but made their highs early. They mostly worked their way lower from there and all the major averages finished near their intraday trading lows. The Nasd averages took the worst of it with the COMPQ and the NDX declining .56% and .48% respectively. The SPX was lower by only .10%. Volume was mixed. Esignal showed New York volume higher by .04%, about as close to unchanged as you can get. Nasd volume was lower by 1.68%, avoiding distribution on the Nasd averages. Leading stocks were generally lower also but the declines there were contained as well. The leaders index fell .85% in the day. The index made a new intraday high and sold off but still closed high in its trading range. Volume was higher but still well below average. The market digested recent gains today in a fairly constructive manner. The highs were made early but the overall declines were small compared to recent gains. Volume was very close to yesterday’s levels and will be light the rest if the week. The market has been trying to work its way higher in recent days and today’s action didn’t do much to change that. The action of leading stocks continued to be pretty good. The market should continue to work its way higher into the end of the year. Jerry