Jerry Samet
12-01-2025, 07:02 PM
After a strong rally last week, the market pulled back today. The major averages opened lower and then rallied nicely to about even for the day. Late selling came In and the major averages finished off their highs. The NASD averages finished high in their intraday trading ranges while the New York averages closed in the lower half of their trading ranges. The COMPQ and the NDX lost .38% and .36% respectively. The SPX declined .53%. Volume was higher across the board, but Friday was a half day after Thanksgiving. Leading stocks sold off as well. Most baskets of leading stocks sold off today. There seems to be a data problem with HGSI so the numbers on the leader’s index are not available right now. The market rallied strongly last week and seemed to right the rally. Today the market pulled back moderately after last week’s gains. Volume was higher but about the same as last Thursday. The market sold off when Powell said rates might not be cut in December. The market prices in no cut, then after the employment report and more encouraging comments from other Fed governors, the market quickly priced the December cut back in and rallied last week. It is pretty much all up to the Fed right now. They will report a week from Wednesday. Until then the market is likely to be volatile. Jerry