Jerry Samet
04-04-2019, 07:26 PM
The market bounced around unchanged today and closed mixed. The major averages opened a bit higher then sold off before rallying into the close. The Nasd averages were the weakest with the COMPQ and NDX declining mildly by .05% and .06% respectively. Much of this was due to weakness in tech stocks. The New York averages were slightly higher with the SPX rising .21%. All the major averages finished high in their intraday trading ranges, a positive sign. Volume was lower across the board, just what you want to see when the market is digesting recent gains. Leading stocks were hit much worse than the overall market with the leaders index falling 1.91% on the day. There was weakness in many leaders index components so it was not just one or two stocks. The index closed in the lower half of its trading range but held above its short term moving averages, holding support. Volume was higher but slightly below average. The market really bounced around today but overall the action would have to be considered slightly positive. It is looking more and more like a trade deal with China is close. The market has rallied on this news and much of this has already been discounted in the market. It will be interesting to see how the market reacts if an actual deal is announced. Will there be a sell news situation? The employment report will be issued before the open tomorrow and that will set the tone for trading, at least early. The New York averages made new closing highs for the move and it looks like the market is still working its way higher. Jerry