Jerry Samet
07-15-2023, 10:53 AM
The market took a break yesterday after a solid advance on lower than expected inflation. After opening higher the major averages spent most of the remainder of the session working their way lower. All the major averages finished low in their intraday trading ranges. The declines were small as the COMPQ and the NDX fell only .18% and .04% respectively. The SPX declined .10%. Volume was mixed, higher on the Nasd and lower on the New York. The decline in the Nasd averages was to small for this to count as a distribution day. Leading stocks were lower as well with the leaders index declining 1.29% on the day. The index closed low in its trading range on higher and above average volume. The market took a break yesterday after a strong rally earlier in the week. The damage was actually pretty minimal. Market internals were weak, but the price declines were small after large price gains on the inflation reports. Earnings started kicking in and so far the numbers were pretty good. Next week earning season will begin in earnest and several important companies are reporting. The Fed will also have its meeting next week. Right now the rally remains on solid ground and as long as earnings come in ok we should see higher prices ahead.