Jerry Samet
06-11-2024, 06:24 PM
There was no update yesterday due to a data problem. The market started out lower and found a bottom and rallied into the close. All the major averages finished near their intraday trading highs. The NASD averages led the way with the COMPQ and the NDX gaining .88% and .71% respectively. The SPX was higher by .27%. Volume was lower across the board. Leading stocks were lower with the leaders index declining .77% on the day. The index closed high in its trading range on lower on below average volume. The market has been consolidating since it moved into new high ground on 6/6. Today the major averages broke above that consolidation and moved on to new highs. The NASD averages were the strongest, led by AAPL. ORCL reported after the close and is moving higher in after hours trading. The market continues to work its way higher, but it continues to be a struggling rally. Leading stocks, with a few exceptions, are not producing much in the way of gains. The pretty much flat action in the leaders index and some ETFs of leading stocks show this. The market is working its way higher, but it continues to be a fairly weak rally. Picking the right stocks is tough right now, although the ETFs are doing alright. The CPI report and the Fed announcement are coming out tomorrow. Jerry