Jerry Samet
08-01-2023, 06:29 PM
The market continued its recent consolidation today. The major averages opened lower and were in moderately negative territory all day, finishing with small losses. The Nasd averages finished high in their intraday trading ranges while the New York averages closed in about the middle of theirs. The COMPQ and the NDX were lower by .43% and .25% respectively. The SPX declined .27%. Volume was slightly lower across the board. Leading stocks held up pretty well with the leaders index gaining .18% on the day. The index closed high in its trading range on higher but well below average volume. The market continued to consolidate its recent gains today. The major averages were slightly lower on the day, but right now it looks more like consolidative action than a real pullback. Volume was lower today , showing that large institutional players were not selling much today. So far the action looks pretty good. Leading stocks are holding up as can be seen in the relative strength line of the leaders index. Recent action is to be expected. We had a good advance and we are now in the summer months in which the market struggles a bit. This doesn’t change overall positive longer term trend, which I believe will take the market higher later in the year. Jerry