Jerry Samet
04-13-2023, 06:24 PM
The market put in a solid rally today. The PPI report came in better than expected and it triggered a rally. The major averages opened higher and worked their way up the rest of the session. All the major averages finished near their intraday trading highs. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.99% and 2.03% respectively. The SPX rallied 1.33%. Volume was lower across the board, according to ToS. Leading stocks were higher as well with the leaders index gaining 1.46% on the day. The index closed high in its trading range on lower and below average volume. The market reacted well today to better than expected inflation numbers. The buying continued pretty much all day and the major averages finished strong. Volume was lower, showing that buying pressure was not that strong. Earnings season kicks off tomorrow and the numbers are expected to be down, but not by to much. Today’s action was good, but I would be skeptical that it is the start of a big move. I think we have more work to do before then. Jerry