Jerry Samet
04-12-2025, 10:29 AM
The market had a solid session yesterday, at least on a price basis. The major averages opened little changed but worked their way higher the rest of the session. All the major averages closed near their intraday trading ranges. The COMPQ and the NDX gained 2.06% and 1.89% respectively. The SPX was higher by 1.81%. Volume was lower across the board. Leading stocks were higher as well with the leaders index rallying 1.07%. The index closed high in its trading range The market finally staged a good rally and held on to the gains by the close. The price gains were nice, but the fact that the volume was down is a concern. Large institutional players were not buying heavily. Now we have to see if this will turn into a real countertrend rally or is just a little bounce. Only time will tell us that. The PPI numbers came in friendly, just like the CPI. We still have a lot of potential crosswinds. There could be more tariff news and earnings season is getting started. I would treat yesterday’s action with some caution. Let the market prove itself before taking substantial positions. Jerry