Jerry Samet
06-09-2020, 06:26 PM
The market was mixed today but pretty much took a rest after recent large advances. The major averages opened lower but quickly made bottoms and mostly worked their way higher after that. The Nasd averages finished higher with the COMPQ and the NDX gaining .29% and .66% respectively. They both closed high in their intraday trading ranges. The SPX fell .78% and finished in the lower half of its trading range. Volume was lower across the board. It fell 21.60% on the New York and 14.49% on the Nasd. The lower volume shows that large institutional players were not heavy sellers today and there was no additional distribution on the New York averages. Leading stocks were a little higher on the day with the leaders index higher by .15%. The index closed in the lower half of its trading range and remains under its 9dma, but it held its 17dma. Volume was lower and below average. The market took a pretty healthy rest today. The Nasd averages managed to build on recent gains and made new highs. The New York averages pulled back a little, but the declines were moderate compared to recent rallies. The lower volume is encouraging as it shows that large institutional players are hold on to positions instead of lightening up. Leading stocks were up today and big cap tech stocks did well, but overall they are still struggling. This remains the principle concern right now. The market still looks like it is going higher. We have to watch for the New York averages to break into new high ground and the Nasd averages build on recent highs. The weight of the evidence still points to higher prices ahead. Jerry