Jerry Samet
10-24-2024, 06:15 PM
The market staged a moderate rally today after yesterday’s decline. The major averages opened higher and mostly traded sideways the rest of the day. All the major averages finished high in their intraday trading ranges. The NASD averages led the way with the COMPQ and the NDX rallying .76% and .83% respectively. The SPX gained .21%. Volume was lower across the board, according to ToS, but it was close on the New York. Leading stocks were higher as well with the leaders index gaining .52% on the day. The index closed high in its trading range on higher but below average volume. The market put in a modest rally today after yesterday’s selling. A stronger rally would have been better, but sometimes you take what you can get. The strong close was encouraging. The market continues its pause in the current intermediate term rally. TSLA had a good report and that helped the NASD. The market has been consolidating for over a week now, but so far it has not done much that would put the overall rally in jeopardy. The next two weeks will have a bunch of earnings and economic reports that could each move the market. There is also an election coming up. The market may be taking a break due to the uncertainty, but for now the intermediate term rally seems ok. There will be no update tomorrow. Jerry