Jerry Samet
02-08-2023, 06:22 PM
The market gave up much of yesterday’s gains as the consolidation continued. The major averages opened lower and worked their way down most of the session. All the major averages finished near their intraday trading lows. The COMPQ and NDX fell 1.68% and 1.83% respectively. The SPX declined 1.11%. Volume was lower across the board, showing that there was not a lot of selling pressure today. Leading stocks were lower as well but did better than the overall market. The leaders index was off by .63% on the day. It closed in about the middle of its trading range on higher but below average volume. The market gave back most of yesterday’s gains today as the consolidation of recent gains continued. So far it is looking like a pretty orderly move as it has been mostly sideways action with very little actual decline in the major averages or the leaders index. The charts of both still look pretty solid. The positive volume action continued as volume was again lower on a down day. Overall the market seems to be consolidating the gains of this year nicely and the overall picture remains positive. Jerry