Jerry Samet
10-19-2022, 06:38 PM
The market took a break today after two solid up days. The major averages opened lower and after an early rally attempt failed they sold off. A little late strength saw them finish off their lows but still in the lower half of their intraday trading ranges. The COMPQ and the NDX lost .85% and .40% respectively. The SPX declined .67%. Volume was lower across the board. Leading stocks were lower as well with the leaders index falling .97% on the day. The index closed in the upper half of its trading range on lower and below average volume. The market declined moderately after some recent strong action. The lower volume was encouraging as it shows that large institutional players were not selling heavily today. The market seems to be having a hard time producing a follow through but is still holding above the lows of the rally day. Earnings season has been pretty good so far and that is helping. The large increases in interest rates, especially today, is a headwind. Some important earnings reports are coming up soon and that will have a big effect on how the market trades short term. Jerry