Jerry Samet
12-01-2022, 06:29 PM
The market opened a little weaker after yesterday’s strong advance. The major averages recovered most of those early losses and closed mixed but little changed. The Nasd averages were a little higher while the New York averages were a bit lower. The COMPQ and the NDX gained .13% and .10% respectively. The SPX declined .09%. All the major averages finished in about the middle of their intraday trading ranges. Volume was lower across the board after yesterday’s very heavy volume. Leading stocks were little changed as well with the leaders index completely flat. The index closed in about the middle of its trading range on lower and below average volume. The market pretty much held on to the gains of yesterday. This is encouraging action as it shows that buyers were holding on to their shares. The lower volume is also supportive as prices consolidated. Economic news was also generally supportive. The employment report comes out tomorrow before the open and if it is materially different from expectations it will move the market. As of now the market looks like it wants to go higher in the short term. Jerry