Jerry Samet
05-10-2024, 06:32 PM
The market started out with decent gains but mostly didn’t hold them. The major averages opened higher but mostly traded sideways the rest of the day with a slight downward bias. The Nasd averages finished low in their trading ranges while the New York closed in about the middle of their trading ranges. The NDX ended with a gain of .26% while the COMPQ was about flat, declining .03%. The SPX was higher by .16%. Volume was lower across the board. Leading stocks were mostly slightly lower on the day. The leaders index fell .41% and closed low in its trading range. Volume was lower and well below average. The market showed some early strength but some weaker than expected economic news took some steam out of the market. It was a fairly quiet Friday and the market went mostly sideways. It didn’t hold some of the early gains but the current effort by the market to work its way higher continued. We are in a situation where certain important indicators you want to see, like the weekly Coppock and a follow through, have not happened yet. These are the kind of things you see in a strong rally. We are in a situation now where the market seems to want to work its way higher, but the chances of this turning into a strong rally from here are probably low. There are more earnings reports next week along with important inflation reports. Right now the short term trend seems to be higher. Jerry