Jerry Samet
08-14-2024, 06:18 PM
The market produced moderate gains today after yesterday’s strong action. The major averages opened little changed and mostly bounced around all day. Some late buying saw all the major averages finish in the upper half of their intraday trading ranges. The COMPQ and the NDX gained slightly with .03% and .09% advances respectively. Volume was lower across the board. Leading stocks were mostly higher. Since yesterday was a follow through I put together a new leaders index. It contains 22 stocks in 15 different industry groups. I have included a text file with the new index components. The index gained 1.72% and closed in the upper half of its trading range. Volume was higher and above average. The market did alright after yesterday’s advance. The New York averages were the strongest but last buying saw all the major averages close with some gains. The CPI report came in about as expected and didn’t have much effect. All the major averages are close to their 50DMA’s. They must break above this resistance in order for the rally to advance much further. Jerry