Jerry Samet
07-12-2023, 06:26 PM
The market put in a solid session today after the CPI numbers came in lower than expected. The major averages opened higher and then there was a bit of a divide. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.15% and 1.24% respectively. Both closed high in their intraday trading ranges. The SPX open higher but lost ground during the day. It closed with a solid .74% gain but closed low in its trading range. Volume was higher across the board. Leading stocks were higher as well with the leaders index gaining .92% on the day. The index closed high in its trading range on higher and above average volume. This was also a new high for the leaders index. The market reacted well to a favorable inflation report. There was a strong open and while some of that was lost by the close there were strong gains at the end. The major averages broke above the consolidations they have been in for a few weeks into new high ground for the rally. There have also been a good number of breakouts recently that have been working. The rally continues to broaden out as small and mid-cap stocks are showing strength. The inflation report does somewhat ease pressure on the Fed, but a rate hike next week is pretty much baked in. The market is acting well and should move higher from here. Jerry