Jerry Samet
07-01-2024, 06:19 PM
The market opened slightly higher and then spent most of the day working its way up. The major averages finished high in their intraday trading ranges with moderate to solid gains. The NASD averages led the way with the COMPQ and the NDX gaining .83% and .66% respectively. The SPX was higher by .27%. Volume was lower across the board. Leading stocks were slightly lower on the day with the leaders index off by .09%. The index closed high in its trading range on lower and well below average volume. The market had a moderately positive session today with gains in the major averages. Small and mid-cap stocks were lower on the day. Volume was lower as it is likely to be all this holiday shortened week. The major averages are still in a mostly sideways pattern. The important moving averages have made out some ground but still have a way to go before they are no longer extended. There will be some important news this week, the biggest being the employment report on Friday. It could move the market as there will be few people there after the holiday and it thus takes less to produce a big price move. The market could use a spark to get it going, but right now the consolidation continues, despite a slightly higher record close on the COMPQ. Jerry