Jerry Samet
07-28-2021, 06:24 PM
The market had an overall positive session today. The major averages opened a bit higher and had a slight upward trend early. There was some late strength after the Fed announcement, although there was something of a split market. The Nasd averages outperformed and closed high in their intraday trading ranges. The COMPQ and the NDX were higher by .70% and .41% respectively. The New York averages were weaker with the SPX about flat with a loss of .02% and it closed in about the middle of its trading range. There was a lot of strength in the small cap and semiconductor stocks. Volume was slightly lower across the board. It fell 4.85% on the New York and .64% on the Nasd. Leading stocks had a strong session with the leaders index gaining 2.80% on the day. The index closed high in its trading range and above all its short term moving averages. Volume was slightly lower and the relative strength line took a nice bounce. The market was split today with the Nasd averages outperforming the New York averages. There was strength today in growth and tech stocks. The fact that the COMPQ did better than the NDX shows that it was not just a small number of mega cap stocks acting well today. The market clearly at this point has some sort of a floor under it and it looks like a meaningful correction will be difficult for now. The market seems to want to work its way higher, but it is a singles and doubles kind of market. Jerry