Jerry Samet
07-12-2022, 06:29 PM
The market traded on both sides of unchanged with moderate changes in both directions. Late selling came in and the major averages sold off into the close. All the major averages finished near the bottom of their intraday trading ranges. The declines were pretty evenly divided with the COMPQ and the NDX losing .95% and .97% respectively. The SPX lost .92%. Volume was mixed. It fell 1.32% on the Nasd and increased 14.62% on the New York. This was enough to produce a distribution day on the New York averages. Leading stocks mostly declined as well with energy prices taking a big hit. The leaders index fell 1.06% on the day and closed high in its trading range. Volume was slightly lower and below average. The market had some decent gains earlier in the day but couldn’t hold them. Selling came in and the major averages finished weak. You would expect market participants to be cautious the day before an important inflation report and it looks like some reduced positions before the close. The CPI report comes out before the open tomorrow and that will set the tone for trading tomorrow. Jerry