Jerry Samet
07-21-2022, 06:44 PM
The market built on the recent positive action today. The major averages opened slightly lower but quickly found a bottom and rallied most of the remainder of the session. Late strength saw all the major averages finish near their intraday trading highs. The Nasd averages again led the way with the COMPQ and the NDX gaining 1.36% and 1.44% respectively. The SPX rallied .99%. Volume was mixed. It fell 14.26% on the Nasd and was up only .70% on the New York, according to TOS. Leading stocks lagged the overall market with the leaders index losing 1.47%, mostly due to weakness in energy stocks. ETF’s of leading stocks were slightly higher. The market continued to rally today as the current rally attempt gather steam. The Nasd averages again led the way due to strength in tech stocks. The strong buying into the close means that there have been three days in a row where the market showed positive action and closed near its highs. The market looks like it wants to go higher and likely will in the short term. Futures are lower at the time of this writing as there is weakness in tech stocks after disappointing earnings from SNAP. Next week will be maybe the biggest week for earnings as many important tech companies report their numbers. There will also be a Fed meeting where an increase in interest rates will be announced. The market is expecting 75 basis points. It will be an interesting week. There will be no update tomorrow. Jerry