Jerry Samet
11-08-2023, 06:21 PM
The market mostly took a rest today after recent solid gains. The major averages opened higher but couldn’t hold the moderate gains as selling came in. There was buying late and all the major averages finished high In their intraday trading ranges. The final gains were small with the COMPQ and the NDX higher by .08% and .11% respectively. The SPX was higher by .10%. Volume was mixed. Higher on the Nasd and slightly lower on the New York. Leading stocks continued to pull back after the recent rally. The leaders index fell .59% on the day. The index closed high in its trading range on slightly lower volume. The market mostly rested today after its recent advance. The major averages found late strength today and closed high in their trading ranges. Volume was mixed, but there was no distribution or stalling due to the strong close. After a solid rally like we just saw the market is due to take a rest. It would be encouraging to see a consolidation or mild pullback on low to moderate volume. The market internals were weak again today, and if this becomes a pattern it could well be a problem. Right now the market is still acting ok and the rally is showing few signs of stress. Jerry