Jerry Samet
02-16-2022, 06:43 PM
The market had a bit of a see saw session today. The major averages opened lower and traded in negative territory much of the day. A couple of hours before the close the Fed minutes came out and the market reacted positively to the report. The major averages rallied into the close and finished high in their intraday trading ranges. They closed mixed but little changed. The COMPQ and the NDX were slightly lower, dropping .11% and .12% respectively. The SPX was higher by .09%. Volume printed slightly lower across the board. Leading stocks were slightly higher on the day with the leaders index gaining .21% on the day. The index closed high in its trading range on lower volume. The market was lower today until the Fed minutes came out and sparked a rally. The major averages recovered early losses and closed little changed. The minutes showed a pretty hawkish stance by the Fed so the market’s reaction may show that some of the expected Fed tightening and rate increases may be in the market. Right now it seems like the market is stuck in a short term trading range. It has not broken down and taken out the lows of the rally day but it can’t seem to get above the considerable resistance that hinders any sustained advance. At this point we will have to see which way the market goes, but it is hard to get excited about the current picture. Jerry