Jerry Samet
07-30-2020, 06:25 PM
The market was mixed today and how you did depends on where you are invested. The Nasd averages led the way while the New York averages lost ground. All the major averages were weak at the open but quickly found their bottoms and rallied for most of the remainder of the session. All the major averages finished at or very near the top of their intraday trading ranges, a sign of support. The Nasd averages made their way back into positive territory with the COMPQ and the NDX gaining .43% and .49% respectively. The SPX lost .38%. The semiconductor stocks were very strong with the SOX making a new high by gaining 1.96%. Volume worked out just the way you would want it to. It was lower by 10.41% on the New York and higher by 4.14% on the Nasd. This means that the Nasd moved higher on higher volume and the New York averages lost ground on lower volume. This avoided a distribution day on the New York averages. Leading stocks were higher on the session with the leaders index gaining .97%. The index closed high in its trading range and is near the top of the current consolidation. Volume was unfortunately lower and below average. The market put in an overall positive session today. The market sold off at the open and it looked like it could be a pretty negative session. The major averages reversed higher and rallied for the rest of the day. The New York averages were unable to get into positive territory but they closed high in their trading ranges, showing support. The leaders index is at the top of its current basing pattern and it would only take one big session to break it out. The Nasd averages are close to their recent highs while the SPX has a little farther to go. After the close four big tech companies reported strong earnings and as of this writing the futures are showing strong gains, particularly the Nasd averages. This could be the trigger for the market and leading stocks to break above their recent consolidations and resume the rally. If this happens it will be very positive. We will have to see if anticipated early gains in the market can hold tomorrow. A strong close would be encouraging. Jerry