Jerry Samet
06-29-2023, 06:27 PM
There was no update yesterday due to computer problems. The market put in an overall positive session today. There was a divergence between the New York averages and the Nasd averages. The New York averages opened higher and worked their way up most of the day. They closed high in their intraday trading ranges with the SPX gaining .45%. The Nasd averages were flat most of the day and closed little changed. The COMPQ was flat while the NDX lost .16%. Volume was lower across the board. Leading stocks did pretty well with the leaders index higher by 1.10%. The index closed in about the middle of its trading range on lower and well below average volume. The market put in a split performance today. The Nasd averages were weak, likely due to a big increase in interest rates. There were some solid economic reports today that helped the market, particularly the New York averages. The small and mid-cap stocks showed strength today as the rally broadened a bit. Leading stocks are outperforming right now as can be seen in the leaders index. It is right at its old high and the relative strength line in new high ground. I still think the market is in a short term pull back right now but it is showing a lot of support. So far this corrective action has been very mild and so far it has produced little damage. I have family staying with us for the 4th of July holiday so I will be taking a long weekend. The updates will resume Wednesday. I hope everyone has a good long holiday weekend. Jerry