Jerry Samet
07-25-2023, 05:46 PM
The market was moderately higher before important earning reports after the close. The major averages opened slightly higher and mostly worked their way up during the session. Late selling came in and the major averages finished in about the middle of their intraday trading ranges. The Nasd averages were the strongest today with the COMPQ and the NDX gaining .61% and .73% respectively. The SPX was higher by .28%. Volume was mixed, higher on the Nasd and lower on the New York. Leading stocks outperformed the overall market with the leaders index gaining 1.82% on the session. The index closed in the upper half of its trading range on lower and well below average volume. The market had a modest up session today before the earnings reports. MSFT was a bit lower but GOOGL had a good after hours pop. The futures are a bit higher as of this writing. Tomorrow the Fed will announce the results of its meeting and Powell will have his press conference. The are also more important earnings reports coming out. Nothing has really changed. I think there could well be some weakness or consolidation here, but the trend remains higher. jerry