Jerry Samet
01-09-2024, 06:25 PM
The market mostly held on to yesterday’s gains today. The major averages opened lower but spent most of the day recovering those losses. All the major averages finished high in their intraday trading ranges. The closes were mixed with the Nasd averages finishing slightly higher while the New York averages closed a bit lower. The small cap stocks took a bit of a hit. The COMPQ and the NDX gained .09% and .17% respectively. The SPX declined .15%. Volume was lower across the board. Leading stocks were mixed with the leaders index falling .51% on the day. The index closed high in its trading range on lower and below average volume. The market acted pretty well today overall. After yesterday’s rally it would not be unusual to see some pullback. The major averages mostly held the gains with small changes. The lower volume was also encouraging as it means that yesterday’s buyers were holding on. Leading stocks are acting pretty well. The leaders index was lower today but some ETFs of leading growth stocks were slightly higher. The leaders index also looks like it is working on the right side of a small cup. Today’s action was good and the charts of the leaders index and the major averages look good. The market may need a little boost to get going again. On Thursday the CPI comes out and any deviation from expectations will move the market. Right now the rally looks like it is on solid ground. Jerry