Jerry Samet
02-23-2023, 06:23 PM
The market had a bit of a double reversal today. The major averages opened higher but soon reversed and sold off hard to negative territory. They then reversed again and rallied into the close. All the major averages finished near their intraday trading highs. The COMPQ and the NDX gained .72% and .94% respectively. The SPX rallied .53%. Volume was mixed, higher on the Nasd and lower on the New York. Leading stocks finished higher as well with the leaders index gaining 1.35% on the day and closing in about the middle of its trading range. Volume was lower and the index tried but could not get above its 17dma. The market looked pretty ugly after early gains were lost in a negative reversal. The market then reversed higher and closed with moderate gains. NVDA had a great earnings report and that helped the market, particularly the Nasd rally. The market is clearly struggling now and subject to sharp reversals. The short term looks a little dicey and a defensive posture is probably a good idea. Jerry