Jerry Samet
06-15-2024, 10:15 AM
The market had a mixed session yesterday with only small changes by the close. The major averages opened lower, but spent the rest of the day working their way up. The close was mixed, but all the major averages finished near their intraday trading highs. The COMPQ and the NDX gained .12% and .42% respectively. The SPX was pretty much flat with a decline of .04%. Volume was lower across the board, which is not unusual for a Friday in the summer. Leading stocks sold off with the leaders index falling 1.31% on the day. The index closed high in its trading range on higher but still well below average volume. The market pretty much treaded water yesterday after a positive week. The NASD averages have clearly taken over the lead right now and are acting well. The small and mid-cap stocks sold off yesterday and continue to lag. Market internals were weak yesterday which is a bit concerning. The market is working its way higher in what I still think is an overall weak rally, but it is still working. Jerry