Jerry Samet
04-28-2022, 06:37 PM
There was no update yesterday due to a computer problem. Yesterday saw a negative reversal as solid gains were lost before the close and the major averages closed little changed. After the close several good earnings reports, led by FB, got the market going. The major averages opened today with solid gains and mostly worked their way higher the rest if the session. All the major averages finished high in their intraday trading ranges. The Nasd averages led the way on FB’s 17.59% gain on the day. The COMPQ and he NDX gained 3.06% and 3.48% respectively. The SPX rallied 2.47%. Volume was higher across the board. It gained 7.51% on the Nasd and 4.64% on the New York. Leading stocks had a good session but underperformed the overall market. The leaders index gained 1.84% on the day and closed high in its trading range. Volume was lower and well below average. The index did overcome its 50dma. The market rallied strongly today, mostly on the very well received earnings report from FB. The price gains were large and they were on higher volume. Unlike yesterday the market held on to its gains and closed strong. The leaders index regained its 50dma, but the lower volume put a bit of a damper on it. Overall, this looks like a strong up day in a bear market. We are technically in a rally attempt and there could be a follow through based on a good earnings report or news story. It would be hard to get excited about it as two recent follow through days failed quickly. Most follow through days in a bear market fail. The gains today were solid, but they were mostly based on some good earnings reports. AAPL and AMZN reported after the close today and both are down. It the market opens where the futures are trading now much of today’s gains will be lost. Almost all of the biggest up days in history have occurred in bear markets. This is likely another. Jerry