Jerry Samet
05-10-2023, 06:28 PM
The market was up and down today after the CPI report came in a little below expectations. The major averages opened higher but then quickly turned around and wiped out most of the gains. Late buying came in and the major averages finished with solid gains. All the major averages closed high in their intraday trading ranges with the Nasd averages leading the way. The COMPQ and the NDX gained 1.04% and 1.11% respectively. The SPX rallied .45%. Volume was higher across the board, which is good when prices advance. Leading stocks were higher but underperformed the overall market. The leaders index gained .10% of the day. The index closed in about the middle of its trading range on higher but below average volume. The market rallied early after the CPI report came in slightly below expectations, but selling wiped out all or most of the gains. A rally before the close regained most of the decline in a very volatile session. The market is pricing in a pause at the next Fed meeting and we will likely get one. Most of the earnings season is now behind us so that will have less effect on the market. I still think the market will go mostly sideways for a while with advances and declines getting everyone excited but producing little in the way of meaningful gains. This is a market to try for singles and be happy when you get them. There is a real rally out there not to far, but it appears that it is not here yet. Jerry