Jerry Samet
08-19-2023, 10:58 AM
The market was mixed yesterday but mostly little changed. The major averages opened slightly lower and didn’t do much the rest of the day. The Nasd averages were weaker with the COMPQ and the NDX declining .20% and .14% respectively. The SPX was flat with a decline of only .01%. The small and mid-cap stocks were higher. All the major averages finished high in their intraday trading ranges and volume was lower across the board. Leading stocks were higher on the day with the leaders index gaining 1.24% on the session. The index closed high in its trading range on higher and above average volume. It was a fairly quiet session overall yesterday, which is not unusual for a Friday in August. The major averages finished little changed, but there were gains in small and mid-cap stocks. The market took a break from recent selling yesterday with mostly sideways action in the major averages. There isn’t much different from recent action. The market is correcting after its recent intermediate rally. We will likely continue to see corrective action until the market and certain important indicators, like the weekly Coppock are set up to signal. Until then, the correction will continue. Jerry