Jerry Samet
01-28-2023, 10:44 AM
The market put in another solid performance yesterday. The major averages opened higher and mostly worked their way up the rest of the session. Some late selling came in and the major averages finished off their highs but still well into the upper half of their intraday trading ranges. The Nasd averages again led the way with the COMPQ and the NDX gaining .95% and .96% respectively. The SPX was higher by .25%. Volume was higher across the board. This combined with the price increases showed that large institutional players were again buying stocks. Leading stocks were mixed on the session. The leaders index fell by 1.00% on the day and closed about in the middle of its trading range. Volume was higher and above average. Other ETF’s of leading growth stocks were slightly higher. The market continued to act in an encouraging manor yesterday with positive price and volume action, especially in the Nasd averages. We are starting to see some encouraging action from individual stocks. Earnings reports so far have not had a bad effect on the market, even though some have not been as good as expected. The market keeps reacting well to news, good and bad. Next week is a big week. The Fed announcement will come out on Wednesday and it is also probably the most important week of the earnings season, with many important companies reporting. Right now the rally is looking good. Jerry