Jerry Samet
07-08-2024, 06:17 PM
The market put in a solid performance last week as the major averages rallied and made new highs. Today the major averages showed moderate gains in an overall ok session. The major averages opened higher and mostly worked their way sideways the rest of the day. All the major averages finished high in their intraday trading ranges. The NASD averages led the way with the COMPQ and the NDX rising .28% and .23% respectively. The SPX was higher by .10%. Volume was higher across the board, as would be expected after Friday’s light session. Leading stocks were higher on the day as well with the leaders index gaining .91% on the session. The index closed in about the middle of its trading range on higher but still well below average volume. The market continues to work its way higher. Last week the major averages made new highs, and continued to move higher today. All the major averages made new highs today and market internals were moderately positive. The market is acting pretty well right now. We are in a solid rally, not a really strong one, but a good rally. It is frankly more than I expected when there was a follow through on 5/15. Right now it doesn’t look like we are at any kind of important top yet and we will likely see higher prices, I don’t know how much higher, before the rally ends. This will be a big week for news as Powell will speak to Congress and the CPI and PPI will come out Thursday and Friday. Also earnings season gets under way later this week with several big banks reporting. Jerry