Jerry Samet
05-13-2021, 06:24 PM
The market bounced back today after the declines of the last three days. It was an ok bounce but didn’t inspire a lot of confidence. The major averages opened higher and rallied for a while. There was some selling during the session but more buying came in and there was some strength late. All the major averages closed in the upper half of their intraday trading ranges with the New York averages finishing stronger. The SPX was up 1.22% on the day while the COMPQ and the NDX gained .72% and .83% respectively. Volume was very close to yesterday’s levels. The Nasd volume was lower by .05% while the New York volume fell by .28%, according to Esignal. These volumes were so close that different data feeds could have different results. Leading stocks were higher as well with the leaders index gaining 1.31% on the day. The index closed low in its trading range on higher and above average volume. The market bounced back somewhat after the recent decline. The gains were modest and less than even yesterday’s decline. The Nasd averages remain below their 50dma’s while the mid cap stocks regained theirs. The relaxing of mask and distancing suggestions by the CDC helped the reopening sectors. The bounce today was ok but not enough to really change the overall picture. The lack of volume on the advance today was also a concerning factor. We will have to see solid advances on strong volume to really improve the picture. Jerry