Jerry Samet
10-22-2020, 06:23 PM
The market did about the opposite of the last couple of days. The major averages were weak early then found a bottom and rallied into the close. All the major averages finished near their intraday trading highs, a good sign. The gains were modest but welcome. The New York averages led the major averages with the SPX gaining .52%. The COMPQ and the NDX were split. The COMPQ gained .19% and the NDX declined .02%. Volume was also mixed. It declined 1.88% on the Nasd and rose 2.04% on the New York. Leading stocks underperformed a bit with the leaders index falling .25%. The index closed in the lower half of its trading range and just below its 9dma. Volume was lower and very light. The market action today was overall positive, but not great. The late strength was a good contrast to late weakness we have seen recently. The major averages all held above their important 50dma support levels, solid action. Leading stocks are still holding up better than the overall market and that is good. We are however not seeing much strength. The market is still bouncing around due to the latest statements on the stimulus deal. Its hard for the market to make progress with all the uncertainty right now, and a decent of caution is warranted. Jerry