Jerry Samet
05-21-2024, 06:21 PM
The market opened a bit lower and then spent most of the remainder of the session working its way higher. Late strength saw all the major averages finish near their intraday trading highs. The gains were moderate across the board with the COMPQ and the NDX gaining .22% and .21% respectively. The SPX was higher by .25%. Volume was mixed, lower on the NASD and higher on the New York. Leading stocks were mixed to lower with the leaders index declining .25% on the day. The index closed in about the middle of its trading range on lower and below average volume. The market had an overall quiet session today before important news tomorrow. The Fed minutes come out, but the big news is the earnings report from NVDA that comes out after the close. This is probably the most important stock right now and the leader in AI. Any deviation from expectations in either direction will move the market. The major averages saw moderate gains today but still made new closing highs. The leaders index continues to consolidate its nice recent up move in a constructive fashion. The rally continues but it doesn’t seem to be a strong move up. Tomorrow will likely be a quiet day as the market awaits NVDA’s earnings after the close. Jerry