Jerry Samet
02-04-2025, 07:26 PM
There was no update yesterday to a computer problem. The market recovered today after yesterday’s decline. The major averages opened higher and mostly worked their way up the rest of the day. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained 1.35% and 1.26% respectively. The SPX rallied .72%. Volume was lower across the board. Leading stocks had a good session with the leaders index gaining 5.29% on the day. Much of this was due to PLTR. The index closed high in its trading range on higher and above average volume. This was a new high for the index on both a price and a relative strength basis. After yesterday’s selloff on tariffs the market rallied today on good earnings from PLTR. Most of yesterday’s losses were recovered. The COMPQ regained its 50dma. There were more earnings after the close from GOOGL and AMD and they were not well received. The futures are trading lower as of this writing. The rally is still intact at this point, but it is struggling a bit. Some of the shorter term indicators I look at rolled over this week. Leading stocks are still acting pretty well and this is encouraging. The market is acting alright now, but there are a lot of cross currents. After a very good bull market for just over two years, the bull is showing some cracks. It is to early to tell, but we may be in a topping process that would lead to the end of the bull. There are more important earnings reports due later this week as well as economic reports. If they are good the market should move higher in at least the short term. Jerry