Jerry Samet
05-31-2023, 06:33 PM
The market pulled back today after recent gains. The major averages opened lower and after declining for a while recovered some of the losses. All the major averages finished in the lower half of their intraday trading ranges. The declines were pretty evenly divided with the COMPQ and the NDX losing .63% and .70% respectively. The SPX declined .61%. Volume was mixed. It was lower on the Nasd and higher on the New York. This produced a distribution day on the New York averages. Leading stocks were lower as well with the leaders index falling 1.56% on the day. The index closed in the upper half of its trading range on higher and well above average volume. The market took a bit of a break today with a mild decline. The Nasd averages are where the action has been and today’s action is a mild decline after good gains. The New York averages have been lagging and have developed a pretty high distribution count. The situation hasn’t changed much. It is still a very narrow advance and few actionable stocks are producing real gains. You have to be in the exact right stocks or you haven’t got much in the way of gains this year. The few, mostly big cap tech stocks, that have led the way are the ones to watch right now. If they start to roll over the market will likely follow. Jerry