Jerry Samet
10-24-2023, 06:25 PM
The market rallied nicely today. After some better than expected economic numbers the major averages opened higher and rallied to nice gains. There was some selling and much of the gains were lost before they rallied again. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX were higher by .93% and .97% respectively. The SPX gained .73%. Volume was mixed, higher on the New York and lower on the Nasd. Leading stocks had a good session as well. The leaders index was higher by 2.07% on the day on lower and below average volume. The index closed in the upper half of its trading range. The market put in a nice rally today. The major averages closed strong with solid gains. The market opened higher on good economic news and after some weakness regained the lost ground to close near the highs of the day. This is positive action, but it is occurring within overall market weakness. There were some important earnings announcements after the close, with MSFT trading higher while GOOGL trades lower. Overall the futures are a little lower after hours. There are more earnings reports coming out later this week as well as some important inflation numbers and GDP reports. They will effect trading short term, but I don’t think the recent weakness is over yet. Jerry