Jerry Samet
01-15-2022, 11:59 AM
The market bounced around yesterday and closed with modest gains. The major averages opened slightly lower and after trading little changed most of the day until a late bout of buying caused a rally and all the major averages finished near their intraday trading highs. The Nasd averages were the strongest with the COMPQ and the NDX gaining .53% and .75% respectively. The SPX rallied only .08%. Volume was mixed but little changed. It rose 1.53% on the Nasd and declined 2.64% on the New York. Leading stocks were mixed on the day. The leaders index was about flat with a decline of .06% while some ETF’s of leading growth stocks were modestly higher. The leaders index tagged its 50dma at its lows but closed above this important moving average. Volume was lower and well below average. The market didn’t really do much yesterday. After leading the way down the Nasd averages were the strongest as growth and value stocks continued to jockey for leadership. Late buying prevented a down session, but there isn’t a lot of opportunity right now. Growth stocks are clearly lagging and a system that concentrates on growth stocks isn’t likely to produce much in the way of results. Value stocks seem to be the leaders right now and thus for our type of investing the opportunities are slim. Hopefully we can get a decent correction that will set us up for a solid tradable rally. The weekly Coppock is close to negative territory and may soon be in a position to confirm a new rally. Until then there is likely little reason to be playing around in this market. Jerry