Jerry Samet
09-21-2024, 11:13 AM
The market sold off yesterday, but it was fairly mild compared to Thursday’s rally. The major averages opened little changed and traded in slightly negative territory most of the day. Despite this all the major averages finished high in their intraday trading ranges. The COMPQ and the NDX fell .36% and .24% respectively. The SPX lost .19%. Volume was higher across the board, due to triple witching. This produced a distribution day on the NASD averages. Leading stocks were mostly flat on the session with the leaders index gaining just .01% on the day. The index closed in about the middle of its trading range on higher volume. The market held up pretty well yesterday after Thursday’s large advance. The volume was due to triple witching yesterday but it still counts as distribution on the NASD averages. The market is acting pretty well right now. It liked the Fed rate cut on Wednesday and is acting alright. Leading stocks are producing some gains and the leaders index is acting well. It made a new high yesterday on a relative strength basis. The distribution count is pretty high and the seasonality is not good yet, but the market is acting well right now so being invested is the way to go. Jerry