Jerry Samet
12-16-2024, 07:17 PM
The market had a generally good session today, but there were some issues. The major averages opened higher and mostly worked their way up he rest of the day. The NASD averages led the way with the COMPQ and the NDX gaining 1.24% and 1.45% respectively. The SPX was higher by .38%. The NASD averages closed high in their intraday trading ranges while the New York averages finished in about the middle of theirs. Volume was higher across the board. Leading stocks had a good session as well with the leaders index gaining 1.76% on the day. The index closed high in its trading range on higher and above average volume. The market had an overall good session today. Most of the action was in the NASD averages as big cap tech stocks led the way. It seems that after looking like there could be a bit of a rotation out of the big cap tech stocks, they have started to come back strong and it appears that they are leading again. There was some weakness in market internals, but overall it was a positive session. The big gains in the NASD averages on strong volume produced an accumulation day. The NASD averages made new higher today and the SPX is not far off. The INDU and NYA are showing weakness. The Fed announcement is Wednesday and the PCE report on Friday. They could both move the market, but right now the rally is looking pretty good. Jerry