Jerry Samet
07-13-2024, 10:41 AM
The market had another up session yesterday, but late selling saw a lot of the gains washed away. The major averages opened higher and worked their way up most of the day. Selling came in during the last hour and a lot of the gains were gone. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX gained .63% and .59% respectively. The SPX rallied .55%. Volume was lower across the board. Leading stocks were higher as well with the leaders index gaining .34% on the day. The index closed in the lower half of its trading range on lower and below average volume. The market had another overall positive session yesterday, despite the late selling. The NYSE advance/decline line went into new high ground and confirmed the new highs in the major averages. Also the INDU and NYA, which have been lagging went into new high ground. Market internals were also strong for the second day in a row. Small and mid-cap stocks continued their strong action. It remains to early to call a rotation, but the small and mid-caps are looking better. Earning season starts in full force next week, but right now the rally is on track. Jerry