Jerry Samet
12-08-2022, 06:29 PM
After recent weakness the market staged a bounce today. The major averages opened higher and spent the rest of the session mostly moving sideways. All the major averages finished near their intraday trading highs. The COMPQ and the NDX gained 1.13% and 1.22% respectively. The SPX rallied .75%. Volume was mixed. It fell 1.29% on the New York and gained only .12% on the Nasd. The Nasd volume was so close to yesterday’s level that other data feeds could have different results. Leading stocks underperformed with the leaders index gaining only .12% on the day. The index closed low in its trading range on higher but below average volume. The FFTY was off by .26%. The market had a modest bounce after the recent sell off. It was ok on a price basis but there wasn’t a lot of volume in it. I would suspect that it will not go to far. Most of the short term indicators I look at are turning down so I don’t think that this rally has much further to go. Since the follow through the market hasn’t produced much in the way of gains and it is showing few signs that it will in the near term. We are in a seasonally positive time, but I don’t think we will see a really meaningful advance from here. Jerry