Jerry Samet
07-23-2024, 06:20 PM
The market opened with gains, but couldn’t hold on to them. Late selling came in and all the major averages finished low in their intraday trading ranges. The COMPQ and the NDX fell .06% and .35% respectively. The SPX declined .16%. Volume was mixed, lower on the NASD and higher on the New York. Leading stocks were generally higher on the day with the leaders index gaining 1.96% on the day. The index closed in the upper half of its trading range on lower and well below average volume. The market opened with decent gains but they faded by the close. The major averages finished with small losses. The small and mid-cap stocks did better while the semiconductor stocks lost ground. TSLA and GOOGL reported after the close. GOOGL is down slightly while TSLA is off a bit more. The rally has been struggling in the last week or so and today’s action didn’t help with that. The market is still in a rally, but it isn’t a strong one. The small caps regained some strength in the last couple of days, but it is to early to really call a rotation. There are some potentially market moving earnings reports and economic news in the remainder of this week and next week. If the news is good the rally should continue. Jerry