Jerry Samet
07-14-2022, 06:33 PM
The market basically put in a repeat of yesterday’s action. The PPI was higher than expected and there were significant losses early. The major averages found a bottom and rallied most of the remainder of the session. All the major averages finished high in their intraday trading ranges. The Nasd averages did the best with the COMPQ and the NDX higher by .03% and .34%. The SPX was off by .30%. Volume was slightly higher across the board. It gained 1.76% on the Nasd and 1.0% on the New York. The volume increase along with the price decline produced a distribution day on the New York averages. Leading stocks were mostly lower with the leaders index losing 1.54% on the day. The index closed high in its trading range on higher but still below average volume. The market regained early losses on a strong inflation report just as it did yesterday. There were two distribution days in a row on the New York averages. The fact that the averages closed high in their trading ranges mitigates some of the damage, but the count is getting worrisome. We got the first of the earnings reports today and they mostly weren’t that great. It is the earnings reports going forward that will set the tone for the market, but nothing has changed the primary trend of the market. There will be no update tomorrow. Jerry