Jerry Samet
06-03-2024, 06:19 PM
The market had a mixed session today. After opening higher the major averages sold off the meaningful losses before they rallied into the close. All the major averages finished in the upper half of their intraday trading ranges. The NASD averages led the way with the COMPQ and the NDX gained .56% and .35% respectively. The SPX was higher by .11%. Small and mid-cap stocks were lower. Volume was lower across the board. Leading stocks were generally moderately lower with the leaders index declining .28% on the day. The index closed in the upper half of its trading range on lower and about average volume. The index held its important 17dma. The market had a mixed session today with a somewhat positive bias. After losing early gains the major averages rallied and closed mostly with moderate gains. It’s a bit of a convoluted situation right now. We are in a rally, but it is a pretty weak one. Little progress is being made on the upside while the market doesn’t seem to want to break lower. It’s a tough market to make much real progress in. We are in a rally, but I wouldn’t expect to make too much from it. Jerry