Jerry Samet
05-13-2024, 06:19 PM
The market mostly treaded water today with modest changes at the close. The major averages opened higher and then traded mostly sideways the rest of the day. The Nasd averages closed in the upper half of their intraday trading ranges with the COMPQ and the NDX higher by .29% and .21% respectively. The SPX closed in the lower half of its trading range and finished about unchanged, losing only .02%. Volume was higher across the board. Leading stocks were slightly lower on the day with the leaders index declining .36% on the day. The index finished in the upper half of its trading range on higher but below average volume. The leaders index tagged its short term 9dma at its lows and held it. The market ended up with moderate changes after losing some early gains. The market has been going mostly sideways in the last few days. Overall it seems to want to work its way higher, but it is a struggling advance at best. I would call this a weak rally, which is not unusual considering the important confirmation it is missing. The market does look like it wants to go higher, but this is the time for singles, not home runs. There is important inflation news over the next two days that has the potential to move the market if it deviates much from expectations. Jerry