Jerry Samet
02-01-2023, 06:29 PM
The market put in a strong session today. The major averages spent most of the day in negative territory until the Fed news conference started. They rallied then and finished with solid gains. Some late selling came in and the major averages finished off their highs but still in the upper quarter of their intraday trading ranges. The Nasd averages led the way with the COMPQ and the NDX climbing 2.00% and 2.16% respectively. The SPX rallied 1.05%. Volume was significantly higher across the board, showing that large institutional players were buying stocks today. Leading stocks rallied as well with the leaders index gaining 1.95% on the day. The index closed near the top of its trading range on higher and above average volume. The market put in another solid accumulation day today. It was lower most of the session until Powell’s press conference where he took a less hawkish position than he has in quite a while. The major averages then rallied strongly and finished with solid gains, even after a little late profit taking. Volume was much higher than yesterday, giving us two accumulation days in a row. Individual stocks are also acting pretty well. The leaders index set a new high on a closing and an intraday basis, along with higher and above average volume. After the close META came out with a very well received earnings report and futures are trading higher at the time of this writing. There are several important earnings reports tomorrow and the employment report on Friday. These could move the market in either direction. Right now the bull case is looking pretty strong. Jerry