Jerry Samet
02-15-2023, 06:28 PM
The market put in another solid session today. After opening lower due to a stronger than expected retail sales report the major averages found a bottom and rallied to gains. Late strength saw all the major averages finish at their intraday trading highs. The Nasd averages ed the way with the COMPQ and the NDX gaining .92% and .77% respectively. The SPX rallied .28%. Volume was mixed but little changed. Higher on the New York and slightly lower on the Nasd. Leading stocks were higher but underperformed the Nasd. The leaders index gained .59% on the session on higher and below average volume. This is a new high for the leaders index on both a price and a relative strength basis. The market acted well today. The retail sales report came in higher than expected and gave the market a chance to sell off. It did at first but then reversed higher and rallied into the close. This is the second day in a row that the market saw higher than expected economic numbers and still rallied this is a sign of real strength. The PPI is coming out tomorrow and we will have to see how it effects the market, but the bull case is getting stronger. Jerry