Jerry Samet
04-27-2021, 06:26 PM
The market was overall pretty quiet today. The major averages opened a little higher then turned around and sold off. The New York averages held up better with the SPX lower by only .02%. The COMPQ and the NDX were off by .34% and .47% respectively. The Nasd averages finished near the bottom of their intraday trading ranges while the New York averages closed high in their trading ranges. Volume was mixed. It declined .38% on the New York. This is so small that other data feeds could have different results. Volume on the Nasd was higher by 4.45%. This combined with the price declines produced a distribution day on the Nasd averages. Even higher volume would not produce distribution on the New York averages as the price declines were to small. Leading stocks pulled back a bit today. The leaders index was lower by .37% but closed in the upper half of its trading range. Volume was higher but below average. The market took a break today after yesterday’s advance. The Nasd averages sold off and a distribution day after breaking out of a base yesterday is not good, but the index still closed above the previous consolidation. There were some important earnings reports after the close are having little effect on futures trading. The overall direction of the market still seems to be up, but it is a little tough to make real progress. Jerry