Jerry Samet
02-14-2023, 06:25 PM
The market had a wild ride today, but ended fairly positive. The CPI report came in a little above estimates and the major averages bounced around from gains to losses before closing pretty strong. All the major averages finished high in their intraday trading ranges. The Nasd averages led the way with the COMPQ and the NDX gaining .57% and .71% respectively. The SPX declined only .03%. Volume was higher across the board. Leading stocks outperformed the overall market with the leaders index gaining 1.09% on the day. The index closed high in its trading range on lower and below average volume. The index broke above its recent consolidation and made a new high. The relative strength line of the leaders index also made a new high. After rallying and selling off after the CPI report came in a little above estimates the market was very volatile. The major averages closed high in their trading ranges in an overall encouraging session. Leading stocks outperformed with the leaders index up 1.09% and the FFTY higher by 1.91%. The fact that quality growth stocks are outperforming the overall market is a good sign. The leaders index also broke above its recent consolidation range. The market has been volatile but is acting well and the rally is still on solid ground. Jerry