Jerry Samet
07-05-2023, 06:30 PM
The market put in a mild pullback today. The major averages opened mixed and mostly traded little changed most of the session. The New York averages finished in the lower half of their intraday trading ranges while the Nasd averages closed in the upper half of their trading ranges. The declines were small with the COMPQ and the NDX lower by .18% and .03% respectively. The SPX was lower by .20%. Volume was higher across the board, as you would expect after a short holiday session. This could produce a distribution say on the New York averages but it would be a pretty weak one. I will leave it to others to call it. Leading stocks were lower as well with the leaders index falling .61% on the day. The index closed in the lower half of its trading range on light volume. The market is acting pretty well right now. There were news items last week, primarily Powell pretty much confirming two more rate increases, that could easily have caused a sell off. The market held firm and after a little weakness seems to have rebounded. There is a lot of strength in at least the major averages, although the rally is broadening out. The leaders index set a new high last week and had pulled back a bit on low volume. This is encouraging action. Right now the market is showing some strength and seems to want to go higher. Jerry