Jerry Samet
08-07-2021, 11:04 AM
The market had a mixed session yesterday despite a stronger than expected employment report. The major averages opened a bit higher and meandered around most of the day. The New York averages finished with small gains as the SPX was higher by .17%. The Nasd averages were weaker with the COMPQ and the NDX falling .40% and .48% respectively. All the major averages finished in the upper half of their intraday trading ranges. Volume was slightly higher across the board. It gained 1.45% on the Nasd and 2.93% on the New York. Leading stocks took a break yesterday with the leaders index declining 1.10% on the day. The index closed high in its trading range on lower and below average volume. The index held above all its short term moving averages. The market didn’t react much to the better than expected jobs report. The New York averages gained ground and the SPX and INDU made new highs. There was some weakness in the Nasd averages but they have been strong lately. The small and mid-cap stocks showed greater strength with the RUT and the MID higher by .53% and .41% respectively. Leading stocks were off a bit after a lot of recent strength. The leaders index closed near the top of its trading range, recovering most of its early weakness. The index continues to rally above its short term 9dma, a sign that quality growth stocks are acting generally pretty well. The market is acting like it wants to go higher and we should see it continue to work its way higher in a labored fashion for at least the near term. Jerry