Jerry Samet
05-20-2024, 06:28 PM
The market had a bit of a split between the major averages today, but it was an overall positive session. The NASD averages were stronger, finishing high in their intraday trading ranges. The COMPQ and the NDX gained .65% and .69% respectively. The New York averages lagged with the SPX was higher by .09% and closed low in its trading range. Volume was lower across the board. Leading stocks were higher on the day with the leaders index gaining 1.57%. The index closed in about the middle of its trading range on lower and below average volume. The market had a generally positive session today, led by the NASD and tech stocks. The NASD averages made a new high with the semiconductor stocks particularly strong. Leading stocks are acting well, and while few recent buyable stocks are producing strong gains there are a good number of attractive stocks and new breakouts. The leaders index has been consolidating some strong recent gains and is right at a new high on both a price and a relative strength basis. The fact that quality growth stocks are acting pretty well is encouraging. NVDA is reporting earnings after the close on Wednesday and as the leading AI company it will be closely watched. I remain skeptical that this will be a strong rally, but the market seems to want to go higher. When that is the case you have to participate, but dancing close to the exits is probably a good idea. Jerry