Jerry Samet
08-03-2023, 06:27 PM
The market pretty much treaded water today and didn’t manage a rebound from yesterday’s decline. The major averages opened lower and after shortly rallying into positive territory sold off into the close. All the major averages finished in about the middle of their intraday trading ranges. The COMPQ and the NDX fell .10% and .11% respectively. The SPX declined .25%. Volume was mixed. It rose on the Nasd and fell on the New York. The Nasd averages avoided a distribution day by having to small a decline. Leading stocks were about flat with the leaders index declining .04% on the day. The index closed in about the middle of its trading range on lower and below average volume. The market pretty much didn’t do anything today. It would have been good to see a bit of a rebound after yesterday’s sell off, but it didn’t happen today. After the close AMZN and AAPL reported earnings. AMZN was higher while AAPL was lower in after hours trading. As of this writing it looks like about a wash in the futures. The market looks ready for something of a pullback here. That is probably good in the longer run as the market can take a rest while its moving averages catch up to prices. I don’t really see a big correction here and the market will likely resume its advance later in the year. Jerry