Jerry Samet
12-19-2024, 06:35 PM
The market didn’t put in an encouraging performance today. The major averages opened somewhat higher, but couldn’t hold the gains. Selling came in and lasted most of the day. All the major averages closed low in their intraday trading ranges. The COMPQ and the NDX fell .10% and .47% respectively. The SPX declines .09%. Volume was lower across the board, about the only good thing about today. Leading stocks put in moderate gains with the leaders index gaining .56% on the day. The index closed low in its trading range on lower but above average volume. After a big decline like we saw yesterday you want to look at the quality of the bounce. Today didn’t produce much of anything. There were moderate gains early but the market closed weak. That is not a good pattern. The market repricing in fewer rate cuts has put the rally in serious jeopardy. It is time to protect recent gains. Jerry