Jerry Samet
11-18-2023, 11:00 AM
The market had a quiet session as it continues to consolidate recent gains in a constructive manner. The major averages opened little changed and stayed that way most of the day, closing with small gains. All the major averages closed high in their intraday trading ranges. The COMPQ and the NDX were higher by .08% and .03% respectively. The SPX gained .13%. Volume was lower across the board. Leading stocks outperformed the overall market with the leaders index gaining 1.65% on the day. The index closed in the lower half of its trading range on higher and above average volume. The market continued its constructive action yesterday with the major averages finishing little changed after trading in a tight range all day. The major averages are holding the gains from the gap up last Tuesday after the CPI report, this is encouraging. The major averages have spent the rest of the week going sideways in a tight pattern. Volume has been lower as the market consolidates, which is exactly what you want to see. Large institutional players were not selling stocks during the week as the market took a rest after the recent gains. Leading stocks are doing well with the leaders index also consolidating gains. The rally looks like it is on solid footing and we are waiting for the uptrend to resume after the market is done consolidating. I have family in town staying with me for Thanksgiving so there will be no updates next week. They will resume next Monday. I hope everyone has a good Thanksgiving holiday. Jerry