Jerry Samet
07-26-2023, 06:13 PM
The market pretty much took the Fed announcement in stride. The major averages opened slightly lower and bounced around unchanged until the Fed announcement. After that they rallied and sold off quickly the major averages finished with small losses. All the major averages finished in the upper half of their intraday trading ranges. The COMPQ and the NDX declined .12% and .40%. The SPX was flat with a decline of .02%. Volume was mixed, higher on the New York and lower on the Nasd. Leading stocks continued to pull back with the leaders index off by 1.30% on the day. The index closed high in its trading range and held its important 17dma support level. Volume was lower and well below average. The market didn’t react to much as the Fed news was pretty much as expected. META came out with earnings after the close and the stock is up and the futures are higher as of this writing. Most of the big earnings reports are now behind us for this week but there is some economic news still coming. I think we will see a little short term weakness here, but nothing that has happened so far changes the overall picture. Jerry