Jerry Samet
11-15-2023, 06:26 PM
The market had an overall positive session today. The major averages had moderate gains early but gave up most of them by the close. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX were higher by .07% and .03% respectively. The SPX gained .16%. Volume was lower across the board. Leading stocks were moderately lower today with the leaders index falling .58% on the day. The index closed low in its trading range on higher and above average volume as a couple of Chinese stocks in the index had very high volume. The market did pretty well today, even though it couldn’t hold on to early gains. Yesterday’s gains were very big and it would not have been unexpected to see a pullback today. We didn’t get one, and that is positive. Futures are a little lower as of this writing on a couple of earnings announcements after the close. After a very strong number of new breakouts yesterday there were a good number again today. It is always encouraging when there are a continuous supply of new breakouts. Volume today was lower on both exchanges, which is what you want to see when the market takes a break after an advance. A consolidation of recent gains here would probably be healthy, but it looks like we are in a solid year end rally. Jerry