Jerry Samet
04-03-2017, 06:38 PM
After a bit of a wild ride today the market ended with modest losses. The major averages opened higher and it looked like it would be a rally day. The market then reversed and sold off hard. About two and a half hours into trading the major averages bottomed out and began a rally that recovered much of those losses. The COMPQ closed with a loss of .29% while the SPX lost .16%. The New York averages closed in the upper half of their intraday trading ranges while the Nasd averages finished in about the middle of their trading ranges. Volume was lower across the board but still above average on the New York. This shows that large institutional players were not as involved today as they were on Friday. Leading stocks underperformed the overall market as the leaders index fell 1.03% on the session. Volume was lower than Friday and the index tagged its short term 9dma and 17dma but closed above both. The leaders index also finished in the lower half of its trading range. It was an unusual day in that we had a negative reversal early and then a positive reversal later. Overall the day was mildly positive as there was clearly buying support as the market fell. The New York averages traded down to their 50dma’s and held this important support. It was a pretty sloppy session today, but it didn’t really do much to change the overall picture. Jerry