Jerry Samet
02-01-2025, 09:26 AM
The market had a solid session going yesterday until tariff announcements took the steam out of it. The major averages opened higher and were in solidly positive territory all day. Selling came in late in the day and all the major averages finished near their intraday trading lows. The COMPQ and the NDX fell .28% and .14% respectively. The SPX declined .50%. Volume was lower across the board. Leading stocks were lower as well with the leaders index falling 1.01% on the day. The index closed low in its trading range on higher and about average volume. The market had a nicely positive session going as it continued to recover from Monday’s decline. The important earnings reports that came out during the week were ok but didn’t light any fires. The market was well on it’s way to closing Monday’s losses but the tariff talks caused a sizable decline. This could be reversed next week if a deal is reached over the weekend. Despite yesterday’s late decline the overall picture remains positive, although some of the shorter term indicators I look at are starting to wobble. There are another large number of important earnings reports and economic news next week. Hopefully they will be market friendly. We need some solid action next week to overcome this last week’s early and late weakness. If we can keep the tariff talk to a minimum we might just get there. Jerry