Jerry Samet
12-14-2023, 06:24 PM
The market held on to yesterday’s gains and somewhat built on them. The major averages opened higher but couldn’t hold the gains and sold off. Some late buying saw all the major averages finish in the upper half of their intraday trading ranges. The Nasd stocks were the weakest with the COMPQ higher by .19% while the NDX declined .15%. The SPX gained .26%. Volume was quite a bit higher across the board. Leading stocks were slightly lower with the leaders index declining .17% on the day. The index closed in the lower half of its trading range on higher and above average volume. The market acted pretty well overall today. The big cap tech stocks were weaker which pulled down the Nasd averages. The small and mid-cap stocks were very strong again as they attempt to catch up. There does look like there is some rotation into these stocks. This was a solid session as yesterday’s gains were held and the market moved moderately higher. All the major averages made new highs for the year. Market internals were very strong and the breakout screen I run continued to show large numbers of stocks for the last three days. The rally remains on solid ground and we should see higher prices ahead. Jerry