Jerry Samet
01-04-2023, 06:32 PM
The market put in a mildly positive session today. The major averages opened higher, sold off on jobs news and then rallied and sold off the rest of the day. The major averages finished with decent gains but all were in the lower half of their intraday trading ranges. The COMPQ and the NDX gained .69% and .48% respectively. The SPX rallied .75%. Volume was higher across the board. It gained 7.76% on the Nasd and 6.83% on the New York. Leading stocks were moderately higher as well with the leaders index gaining .50% on the day. The index closed in about the middle of its trading range on lower and below average volume. Energy stocks held the index back today. The market finished with moderate gains in a slightly positive session. The New York averages led the Nasd averages, although small cap stocks were the strongest. Volume was a bit higher and market internals were strong. The market is trying to work its way higher and a couple of short term indicators looked stronger. We could see a bit of upside action here, but the employment numbers on Friday and the start of earnings season next week will set the tone. Jerry