Jerry Samet
02-11-2023, 10:33 AM
The market put in a mixed session yesterday. The New York averages finished a bit higher while the Nasd averages sold off. A little late strength saw all the major averages finish high in their intraday trading ranges. The COMPQ and the NDX fell .61% and .62% respectively. The SPX gained .22%. Volume was lower across the board, so there was no heavy selling from large institutional players. Leading stocks were about flat on the session with the leaders index falling .04% on the day. The index closed in about the middle of its trading range on lower and below average volume. After Thursday’s reversal the market held up fairly well. The closes high in their trading range showed some support for the major averages. We could see some more weakness in the near term but the overall picture still looks positive. The Summation Index and the A’s minus E’s are headed lower but a turn around there would likely signal the end of the recent corrective action. The CPI report comes out before the open on Tuesday and that will set the tone for trading next week. No market goes straight up and there will be corrections, but overall the market looks like it will go higher after this corrective action. Jerry