Jerry Samet
01-02-2025, 07:15 PM
The first trading day of 2025 didn’t produce much. The major averages opened a little higher but quickly sold off. A little late buying came in and the major averages finished off their lows but in the lower half of their intraday trading ranges. The COMPQ and the NDX lost .16% and .17% respectively. The SPX declined .22%. Volume was near unchanged on the NASD but quite a bit higher on the New York. This produced a distribution day on the SPX. Leading stocks did better. The leaders index gained 1.77% on the day. The index closed in the upper half of its trading range on higher and above average volume. The market opened a little higher but couldn’t stage much of a rally. The major averages ended lower in an overall disappointing session. It certainly appears that the seasonal rally we usually see this time of year isn’t going to happen. The market could always correct itself, but right now it looks like it wants to go lower. Earnings season will kick in in a couple of weeks and if the numbers are good it could help the market, but right now a defensive posture is warranted. Jerry