Jerry Samet
07-09-2022, 11:30 AM
The market traded little changed yesterday in a quiet session. The major averages opened slightly lower and bounced around unchanged all day before closing mixed with little change. All the major averages closed in the upper half of their intraday trading ranges. The COMPQ and the NDX gained .12% and .14% respectively. The SPX declined .08%. Volume was lower across the board. It fell 2.71% on the Nasd and 10.98% on the New York. Leading stocks were pretty flat as well with the leaders index gaining .07% on the day. It closed high in its trading range on lower and below average volume. It was a quiet session overall yesterday as the stronger than expected employment report didn’t spark much action. Volume was light and the major averages didn’t do much. The market has been a little firmer in the last couple of weeks and that is starting to show up in some indicators. The weekly Coppock flattened out last week, but it didn’t give a buy signal. If there is any real strength next week it could turn up. Also there was a Eureka signal on Thursday. These signals likely came to late to confirm the follow through, but they could point to some positive action in the short term. Earnings season kicks off next week, but it will be mostly financial stocks and a few industrials. Earnings reports are spread out over several weeks. The key next week will be the inflation numbers. The CPI comes out on Wednesday and the PPI is right after that. They will likely determine the course of the market next week. We are at a bit of an inflection point where there could be some positive action short term, but the primary direction of the market remains down. Jerry