Jerry Samet
07-16-2024, 06:07 PM
The market had a good session overall today. The major averages diverged a bit today with the NASD averages continuing to lag. The New York averages worked their way up the rest of the day while the NASD averages were mostly sideways. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX were slightly higher with gains of .20% and .06% respectively. The SPX rallied .64%. Small and mid-cap stocks were again strong. Volume was higher across the board. Leading stocks were higher as well with the leaders index gaining .42% on the day. The index closed in the upper half of its trading range on lower and well below average volume. The market continued higher today, and the rotation into small and mid-cap stocks continued. The RUT and MID were up 3.50% and 2.50% respectively. The big cap tech stocks that have led the market for so long continued to lag. It is looking more and more like a real rotation. Market internals were strong and the equal weighted ETFs of the S&P and NDX outperformed. The rally looks pretty solid right now, but switching to some small and mid-cap stocks and ETFs looks like a good idea. Jerry