Jerry Samet
11-04-2024, 07:17 PM
The market didn’t generate much positive action today. After opening lower the major averages tried to rally a couple of times but it didn’t hold. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX fell .33% and .35% respectively. The SPX declined .28%. Volume was lower cross the board. Leading stocks were mixed, but mostly lower. The leaders index bucked the trend by gaining .49% and closing in about the middle of its trading range on slightly lower volume. I was hoping for a nice rally today after the last week’s decline. It didn’t come. The market closed weak again. The market has not been able to rally at all, and that is not an encouraging sign. There are conflicting signs and indicators right now and that is making for a difficult time handling the current rally, or faltering rally. At this point I think the election is weighing on the market. It may well not be able to pick a direction until the results are known, and that may take days or longer if the race turns out to be as tight as the polls say. The Fed decision should be locked in at 25 basis points so the real item here is the election. The rally is in real trouble here and may not really play out until we know the results of the election. Keep some Tums handy, it will likely be a bumpy ride. Jerry