Jerry Samet
10-05-2023, 06:20 PM
The market had some big intraday moves but ended up with moderate losses. The major averages opened little changed and after selling off they rallied into the close. All the major averages finished high in their intraday trading ranges after a nice reversal late in the day. The COMPQ and the NDX were lower by .12% and .36% respectively. The SPX declined .13%. Volume was lower across the board. Leading stocks were mixed on the day. The leaders index declined .95% while some ETFs of leading growth stocks were higher. It looked like it would be a pretty ugly session, but buying came in and the final losses were moderate. The major averages have traded sideways for the last couple of days, and the SPX is holding above its 200dma. There have been conflicting employment reports out in the last couple of days, but the employment report coming out before the open will settle that. Any real deviation from expectations in either direction will move the market, so tomorrow’s action will be dictated by the report. Jerry