Jerry Samet
03-23-2026, 06:05 PM
After getting hit pretty hard late last week the market bounced today after encouraging news about the middle east. The major averages gapped higher at the open and rallied for a bit. They then mostly sold off for the rest of the day. All the major averages finished low in their intraday trading ranges, but still with nice gains. The COMPQ and the NDX rallied 1.38% and 1.22% respectively. The SPX gained 1.15%. Volume was lower across the board, but this is compared to Friday’s expiration day volume. Leading stocks were higher on the day. The leaders index gained .86% on the session. The index closed low in its trading range on lower but above average volume. The market was weak late last week and the major averages made new lows for the move. Last night Trump announced some possible progress on negotiations and the market gapped higher at the open. Some of those gains were lost later in the day, but the major averages still closed with nice gains. The market closed low in its trading range as most of the gains came in the opening gap. Today’s action was nice, but doesn’t change the overall picture. The rally was caused by news and a drop in oil prices as a result. Leading stocks are not acting well, and that can be seen in the action of MU after its recent earnings report. The market continues to react to every news report and moves in either direction depending on the report, making it almost impossible to make money in this environment. We are now well into intermediate term correction territory on the major averages. The question now is how far it will go. There are a lot of opinions on that, but I don’t think we have seen the bottom yet. Jerry