Jerry Samet
12-03-2022, 10:35 AM
The market put in an overall solid performance yesterday. The major averages opened lower on a stronger than expected employment report. The early losses were large but the major averages quickly found a bottom and rallied back for most of the session before closing little changed. All the major averages finished near their intraday trading highs, The COMPQ and the NDX were lower by .18% and .40% respectively. The SPX declined .12%. Volume was lower across the board. Leading stocks outperformed the overall market with the leaders index gaining .74% on the day. The index closed high in its trading range on higher but well below average volume. The market sold off hard early on the stronger than expected employment report and it looked like it would be a significant negative session. The major averages bottomed out in the first ten minutes of trading and rallied the rest of the day to close with small losses. This is encouraging action as the early losses were mostly erased and the small and mid-cap stocks finished with gains. The SPX held above its 200dma, which is also positive. The weekly Coppock did give a signal this past week and that should give the market a boost. The lower volume shows that large institutional players were not selling stocks heavily. It looks like the rally is on a little firmer ground than it has been and we will likely see some higher prices at least in the near term. Jerry