Jerry Samet
02-08-2022, 06:33 PM
There was no update yesterday due to a data problem. The market today put in a solid rally session. The major averages opened little changed and after some early weakness found a bottom and rallied into the close. All the major averages finished near the top of their intraday trading ranges. The Nasd averages led the way with the COMPQ and the NDX gaining 1.28% and 1.21% on the day. The SPX was higher by .84%. Volume was higher by 7.52% on the New York and about flat with a gain of .40% on the Nasd. Leading stocks had a solid session as well with the leaders index gaining 1.97% on the day. The index closed high in its trading range on higher but still below average volume. The market put in a solid session today. The price gains were good and there was a strong close, as opposed to yesterday’s weak close. The gains were good and the action of the market, while still not strong, has improved somewhat. The overall market action has so far been one of a fairly weak rally. There have been few attractive situations that have produced worthwhile profits, although there were a few interesting breakouts today. The major averages and the leaders index remain below the important moving averages that are current resistance. Its tough to get very excited about this current move, but the rally is still intact. Jerry