Jerry Samet
09-30-2023, 10:36 AM
The market started out with gains yesterday, but again couldn’t hold on to them. The major averages opened higher, but selling came in and they mostly sold off into the close. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX closed with small gains of .14% and .08% respectively. The SPX declined .27%. Volume was mixed, higher on the Nasd and lower on the New York. Leading stocks were slightly lower with the leaders index declining .26% on the day. The index closed low in its trading range on slightly higher but below average volume. The market opened higher on slightly lower than expected inflation data, but the gains were lost when a vote in the House to keep the government open failed. It looks like there will be a shut down. The market continues to show weak action. The strong open followed by a weak close is associated with declining markets. The correction is not over yet, and while we are oversold short term and may see a bounce here, a real tradable bottom is not in yet. Jerry