Jerry Samet
07-27-2022, 06:34 PM
The market staged a strong rally today. Tech stocks opened strong and that gave a push to all the major averages. They opened higher and rallied into the close after Powell’s press conference. All the major averages finished near their intraday trading highs. The Nasd averages led the way with the COMPQ and NDX rallying 4.06% and 4.26% respectively. The SPX was higher by 2.62%. Volume was higher across the board. It gained 7.96% on the New York and 5.27% on the Nasd. Leading stocks were higher as well with the leaders index gaining 2.63% on the day. The index closed high in its trading range on higher but below average volume. The index is closing in on its 50dma. The market was very strong today. The major averages opened with solid gains and mostly held them until the Fed press conference. The announcement didn’t cause much change but then some comments during the press conference led many to believe that rate increases might end sooner than expected. The major averages then rallied into the close. META’s report came out after the close and it was a miss. The stocks is selling off moderately in after market trading and the futures show modest declines. There are more earnings reports coming out tomorrow in addition to the GDP report. The kind of strong 4% rally we saw today is the kind you see in a bear market, but the action was encouraging short term. Tomorrow’s reports will set the tone, but it looks like there will be some more short term strength. Jerry