Jerry Samet
01-12-2023, 06:38 PM
The CPI report was friendly and after a bit of weakness early the major averages rallied and closed near their highs with moderate gains. The COMPQ and the NDX gained .64% and .50% respectively. The SPX rallied .34%. Volume was higher across the board. It gained 8.06% on the Nasd and 1.88% on the New York. Leading stocks were higher as well with the leaders index gaining 1.59% on the day. The index closed high in its trading range on lower but still above average volume. The market reacted well to a very friendly CPI report and continued its move higher. The gains were moderate but they built on recent gains. The market is frankly acting better than I thought it would. The rally continued but it doesn’t seem to be a particularly strong move. Few actionable stocks are making large moves. The COMPQ and the NDX are continuing to move further above their respective 50dma’s. Earnings season kicks off tomorrow and they will certainly effect the market, but for now some moderate level of investment is ok. There will be no update tomorrow. I hope everyone has a good long weekend. Jerry