Jerry Samet
07-10-2023, 06:33 PM
The market put in an overall solid session today. The major averages opened mixed but they worked their way modestly higher the rest of the day. All the major averages finished high in their intraday trading ranges. The New York averages were a bit stronger with the SPX higher by .24% The COMPQ and the NDX were higher by .18% and .06% respectively. Volume was mixed, higher on the Nasd and lower on the New York. The real action was in the small and mid-cap stocks, along with the semiconductors. Leading socks had a strong session. The leaders index gained 2.40% on higher but below average volume. The index closed high in its trading range and right about at a new high. The relative strength line of the leaders did make a new high today. The major averages didn’t do much today, but there was a good bit of action elsewhere. The small and mid-cap stocks averages had strong sessions. Also the semiconductor stocks are showing strength. Market internals were good as advancing/ declining issues and volume were positive. The rally seems to be broadening out as there has been some rotation in the last week or so. The large cap, mostly tech, stocks that have led the rally all year are resting. Small and mid-cap stocks, led by growth stocks, are showing strength. This is overall an encouraging sign. We get inflation reports on Wednesday and Thursday and earnings season kicks in late in the week. Next week the Fed will meet. At this point I would have t say that the market is acting well, but there is a lot of news coming our way. Jerry