Jerry Samet
10-04-2023, 06:16 PM
The market staged a bounce today after the ADP report came in lower than expected. The major averages opened higher and after some back and forth closed high in their intraday trading ranges. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.35% and 1.45% respectively. The SPX was higher by .81%. Volume was lower across the board, showing that there was little buying power in this advance. Leading stocks gained as well with the leaders index advancing 1.01% on the day. The index closed high in its trading range on lower and below average volume. After strong recent declines there was finally a bounce today. After a sell off the quality of the bounce is very important. Today’s bounce was lacking. Volume was lower on both exchanges, showing that large institutional players were not in there buying today. It continued recent similar action and shows that the correction has further to go. The sidelines remains the best place to be. Jerry