Jerry Samet
10-12-2022, 06:34 PM
The market put in an overall quiet session today. The major averages spent most of the day bouncing around unchanged before closing with small losses. All the major averages closed low in their intraday trading ranges. The COMPQ and the NDX fell .09% and .05% respectively. The SPX declined .33%. Volume declined across the board. It fell 11.95% on the Nasd and 12.82% on the New York. Leading stocks were lower with the leaders index declining .63% on the day. The index closed high in its trading range on lower but above average volume. The results of the PPI report were a little above expectations, but not so much that they caused a big market move. The market is still concentrated on the CPI numbers tomorrow. Any significant deviation from expectations will cause a big move in which ever way the report goes. With that report and earnings season starting it may be a bumpy trip. Earnings estimates are coming down so there could be some disappointments. There likely will be a lot of volatility through earnings season, but the major trend of the market is still down. Jerry