Jerry Samet
07-09-2024, 06:17 PM
The market was mixed today. The major averages opened higher, mostly on Powell’s testimony, but quickly found a top. They spent the rest of the day going sideways, with the NASD averages finishing in the middle of their intraday trading ranges while the New York averages closed low in their trading ranges. The COMPQ and the NDX gained .14% and .07% respectively. The SPX was higher by .07%. Volume was mixed, higher on the New York and lower on the NASD. Leading stocks were mostly lower today with the leaders index falling .24% on the session. The index closed in the lower half of its trading range on higher but well below average volume. The market really didn’t go anywhere today. After opening higher on Powell’s testimony the market couldn’t hold the gains and went sideways most of the day, closing with small gains. The market seems to be working its way higher, as it has been since the rally started. This is not a really strong rally, but it is working its way higher and producing nice gains if you are in the relatively small number of stocks doing well or the right ETFs. There is a lot of news coming up this week that could move the market and earnings season will get underway in full force next week. The market does seem to want to work its way higher right now, but having your sell list ready is a good idea. Jerry