Jerry Samet
11-13-2023, 06:25 PM
The market took a rest today ahead of the inflation numbers tomorrow. The major averages opened lower and then mostly recovered the losses to close with small declines. All the major averages finished near their intraday trading highs. The COMPQ and the NDX declined .22% and .30% respectively. The SPX fell .08% on the day. Volume was lower across the board, a positive sign. Leading stocks were higher on the day. The leaders index gained .70% on the session. The index closed in the upper half of its trading range on lower and below average volume. The market took a break today in an overall positive session. The market declined early on news of Moody’s changing its outlook on Federal debt to negative. The major averages recovered the early losses and got into positive territory for a short time before closing with small losses. The fact that volume was lighter across the board showed that large institutional players were not selling heavily today. It also means that there was no new distribution. The CPI report comes out before the open tomorrow and could move the market if it deviates from expectations in either direction. The PPI report comes out on Wednesday. Today’s action was a constructive pause after a solid advance. The rally looks like it is on solid ground. Jerry