Jerry Samet
12-12-2022, 06:33 PM
The market put in a positive session ahead of the CPI report. The major averages opened higher and mostly worked their way up from there. Late buying came in and all the major averages finished near their intraday trading highs. The COMPQ and the NDX gained 1.26% and 1.24% respectively. The SPX rallied 1.43%. Volume was higher across the board. It gained 3.29% on the New York and 12.52% on the Nasd. Leading stocks were higher as well with the leaders index gaining .94% on the day. The index closed high in its trading range on higher but below average volume. The market staged a positive session today as it rallied on higher volume ahead of the CPI report. It is clearly anticipating a friendly release. If it is above expectations than the market will likely get hit. Today’s action really doesn’t change the overall picture. We remain in a weak rally where few stocks are producing worthwhile returns. The market could go either way from here depending on how the CPI and the Fed announcement and press conference go. It remains a tough environment to make any real gains in and so a cautious stance is appropriate. Jerry