Jerry Samet
12-04-2019, 06:30 PM
The market bounced back somewhat today. After some positive news on trade the major averages opened higher and rallied to solid gains early. They then spent the rest of the session mostly holding on to those gains. The New York averages were a little stronger with the SPX gaining .63%. The COMPQ and the NDX were higher by .54% and .51% respectively. The New York averages finished in the upper half of their trading ranges while the Nasd averages closed just below the midpoint of their trading ranges. Volume was lower across the board. It was down by only 1.79% on the New York and by 8.92% on the Nasd. Leading stocks rallied as well, but were up by less than the overall market. The leaders index rallied .27% and closed high in its trading range. The FFTY was higher by .12%. Volume on the leaders index was lower but still above average. The market staged a decent bounce today. After selling off on trade news yesterday it rallied on trade news today. The rally was solid on a price basis, but volume was a little light. You want to see the market bounce after a decline on higher volume than what it fell on. That didn’t happen today. It could still come in the next few days. There are some negatives out there as well as some positives. Right now I still think the positives outweigh the negatives and the most likely path is a rally into year end. That could always change due to the action of the market, but right now that is how it looks to me. Jerry