Jerry Samet
08-04-2022, 06:31 PM
The market had a quiet session today as it awaits the employment report tomorrow before the open. The major averages opened with small declines and mostly traded around unchanged. The Nasd averages were the strongest and closed with moderate gains. The COMPQ and the NDX rallied .41% and .44% respectively. The SPX declined .08%. All the major averages finished high in their intraday trading ranges. Volume was lower across the board. It fell 2.69% on the New York and 2.89% on the Nasd. Leading stocks were mixed as well with the leaders index falling .15% on the day. The index closed in about the middle of its trading range on lower but still high volume. The index appears to be consolidating after recent solid gains. The market was little changed today on lower volume. Market participants didn’t want to take positions ahead of the employment report tomorrow. The rally is on solid ground and has rallied nicely recently. A break here to consolidate those gains would likely be a good thing. The employment report will set the tone for at least tomorrow and maybe longer. Jerry