Jerry Samet
08-12-2023, 11:39 AM
The market continued mostly weak yesterday. The PPI report came in higher than expected and that caused some early selling. The market recovered somewhat but it was still an overall weak session. The major averages opened lower and went mostly sideways the rest of the day. The Nasd averages were again the weakest with the COMPQ and the NDX falling .68% and .67% respectively. The SPX was off by .11%. The Nasd averages finished low in their intraday trading ranges while the New York averages closed in about the middle of theirs. Leading stocks continued to decline with the leaders index off by 1.91% on the day. The index closed low in its trading range on slightly lower but above average volume. The market sold off a bit after the PPI report came in slightly higher than expected. The Nasd averages continued to sell off while the New York averages held up a bit better. The market continued its corrective action yesterday in a mostly negative session. The Nasd averages and the leaders index went further below their respective 50DMAs. The SPX is just above this important moving average. The market looks like it is going to continue its corrective action for a while longer. Most of the shorter and intermediate term indicators I look at are pointing lower. The market is in a seasonally weak period and the weak action could well continue into October. Jerry