Jerry Samet
06-18-2020, 06:15 PM
The market put in a pretty quiet session today. The major averages opened slightly lower and bounced around unchanged most of the day. They finished with modest gains and all the major averages closed at or near the top of their intraday trading ranges, a good sign. The COMPQ and the NDX were both higher by .33% and .30% respectively. The SPX was higher by .06%. Volume was very close to yesterday’s levels and was mixed. It was higher by .67% on the Nasd and lower by 1.91% on the New York. Leading stocks were slightly lower today with the leaders index declining .21% on the session. The index closed low in its trading range on lower and well below average volume. The market basically took a break today as it traded in a fairly tight range and closed little changed. The major averages held recent gains and closed high in their trading ranges. Volume was modest and the market seems to be consolidating its recent gains in a constructive manner. You want to see lower or unchanged volume as the market consolidates, and that’s what we saw today. The picture still looks positive. Jerry