Jerry Samet
12-16-2023, 11:18 AM
The market had a mixed session yesterday, but overall it was a solid day. The major averages opened lower and bounced around most of the day. The Nasd averages were the strongest due to higher prices in big cap tech stocks. All the major averages finished in the upper half of their intraday trading ranges. The COMPQ and the NDX gained .35% and .52% respectively. The SPX was about unchanged with a decline of .01%. Volume was mixed. Higher on the New York and lower on the Nasd, which is surprising as Friday was an expiration day. Leading stocks were moderately lower with the leaders index declining a modest .22% on the day. The index closed high in its trading range on higher and well above average volume. The market took a rest yesterday after a couple of days of strong advances. The Nasd averages were higher due to strength in the big cap tech stocks. The New York averages were mostly flat, which is good after the recent strong advance. The small and mid-cap stocks were lower after rallying hard. There has been a strong advance in recent weeks and a consolidation of mild pullback to allow the important moving averages to catch up. The rally continues to be on solid ground and I don’t think we are near the top yet. Jerry