Jerry Samet
12-05-2023, 06:30 PM
There was no update yesterday due to computer problems. The market seems to be consolidating recent gains in the last couple of days. The major averages opened lower and bounced around little changed most of the day. Gains in large cap tech stocks saw small gains in the Nasd averages. The COMPQ and the NDX were higher by .31% and .24% respectively. The SPX declined .06%. All the major averages finished in the upper half of their intraday trading ranges. Volume was lower across the board. Leading stocks sold off with the leaders index declining .95% on the day. The index closed in about the middle of its trading range on lower and below average volume. The market seems to be consolidating the strong gains of November in the last few days. The action of the last week or so has been sideways. This may go on a little longer as a couple of the short term indicators I look at are slowing down, but have not turned down. The big cap tech stocks were strong today but the small and mid-cap stocks took a break. The rally is still on solid ground. The market could use a little break here after a strong advance in November. Nothing that has occurred puts the rally in question, and we should see higher prices by year end. Jerry.