Jerry Samet
07-30-2024, 06:15 PM
The market put in a somewhat mixed session today, but overall it was negative. The major averages opened a little lower and mostly worked their way lower the rest of the day. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX fell 1.28% and 1.38% respectively. The SPX dropped .50%. The small and mid-cap stocks were higher on the day. Volume was higher across the board. This produced a new distribution day on all the major averages. Leading stocks were lower as well with the leaders index falling 2.28% on the day. The index closed in about the middle of its trading range on higher and above average volume. It was a bit of a mixed session today with small and mid-cap stocks showing moderate gains while the major averages sold off. The weakness in tech stocks continued with the semiconductor index falling 3.88% on the day. Market internals were mixed, but the charts of the major averages are looking pretty poor, particularly the NASD averages. MSFT reported after the close and the stock is trading down in the aftermarket. There are several more important earnings reports the rest of this week along with the Fed announcement tomorrow and the employment on Friday. Any of these could move the market in either direction, but it looks to me like we are in a correction. I will be away for a few days. The updates will resume on Monday. Jerry