Jerry Samet
07-20-2022, 06:29 PM
The market built on yesterday’s gains today. The market opened strong and after some more gains held them the rest of the session. All the major averages closed high in their intraday trading ranges. The Nasd averages again led the way due to strength in tech stocks. The COMPQ and the NDX rallied 1.58% and 1.55% respectively. The SPX was higher by .59%. Volume was higher across the board. It gained 4.2% on the Nasd and 1.42% on the New York. Leading stocks were higher but lagged the overall market. The leaders index was higher by .65% and closed high in its trading range. Volume was higher but below average. The market acted well again today with all the major averages moving further above their respective 50dma’s. We got rid of a couple of distribution days due to the price move. There are still few attractive stocks out there and so ETF’s might be a better way to go right now. We do appear to be in a countertrend rally that could prove to be a tradable rally. You must keep in mind that this is a bear market rally and the ultimate bottom of the bear is likely not in yet. It is ok to play this move, but staying close to the exits is a good idea. Jerry