Jerry Samet
06-02-2021, 06:25 PM
The market didn’t do much today, at least on the surface. The major averages opened a little higher and then mostly worked their way lower. Late buying came in and all the major averages finished in the upper half of their intraday trading ranges. The gains were small but pretty evenly divided. The COMPQ and the NDX were higher by .14% and .16% respectively. The SPX was higher by .14% also. Volume was a lot higher. It gained 17.34% on the New York and 21.48% on the Nasd. This shows that large institutional players were active today. Leading stocks were weaker today with the leaders index falling 3.53% on the day. There was a large drop in CMBM of 14.94%, but there was significant weakness in many components of the leaders index. Volume was higher but below average and the relative strength line of the leaders index broke back below its 50dma. This is not encouraging. The major averages were pretty quiet again today, but under the surface there were some things that were strong yesterday but not today. The small and mid-cap stocks were not leading today. The RUT was higher by only .13% and the MID was off by .60%. The weakness in leading stocks is also concerning as they were acting better recently. If this persists it will be a problem for the market. We are getting a lot of mixed signals right now so a not to aggressive position is likely warranted. Jerry