Jerry Samet
06-01-2024, 10:32 AM
The market staged a bit of an unusual session yesterday. The major averages opened a bit higher but then sold off to meaningful losses. Buying came in and they recovered most of the losses before a burst of buying in the last half hour saw all the major averages finish at their intraday trading highs. The NASD averages were the weakest with the COMPQ and the NDX about flat with losses of .01% each. The SPX gained .80%. Volume was higher across the board. Leading stocks were lower on the day with the leaders index losing 1.10% on the session. The index closed high in its trading range on higher and above average volume. It was a strange session. After the PCE report came in close to expectations the market sold off, only to recover most of the decline. A spurt of late buying came in and drove the major averages to closing highs. The sudden buying had a bit of an artificial feel to it but it did drive the market higher. We are in a weak rally at best. It looked like it was getting dicey but the late action saved yesterday. It’s hard to say where this will go and it may well go higher, but this rally doesn’t give me a lot of confidence. There is a slew of economic news coming out next week that could move the market. Jerry
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