Jerry Samet
06-25-2024, 06:21 PM
The market staged a mixed rebound today after a couple of days of weakness. The major averages opened higher and mostly worked their way up the rest of the day. All the major averages finished high in their intraday trading ranges. The NASD averages were the leaders today with the COMPQ and the NDX gaining 1.26% and 1.16% respectively. The SPX was higher by .39%. Volume was lower across the board. Leading stocks had a good session today with the leaders index gaining 1.95%. The index closed high in its trading range on lower and below average volume. The NASD averages bounced back today after lagging in recent days. They showed nice gains and the semiconductor stocks rallied as NVDA bounced back. Small and mid-cap stocks were lower. Market internals were actually negative. The NASD averages, led by the big cap tech stocks and semiconductors, were the leaders today, but it is to early to tell if they are coming back or this is just a bounce. The rally is still intact and this could just be some corrective action that allows the important moving averages to catch up to price. We will have to see how the action plays out in the next few days. Jerry