Jerry Samet
12-09-2021, 06:25 PM
The market sold off today after three days of higher prices. The major averages opened lower and it was mostly downhill from there. Late selling saw all the major averages finish at or near their intraday trading lows. The Nasd averages led the way down with the COMPQ and the NDX falling 1.71% and 1.49% respectively. The SPX declined .72%. Small and mid-cap stocks also suffered losses. Volume was lower across the board. It fell 4.66% on the New York and 2.59% on the Nasd. Leading stocks were hit pretty hard also with the leaders index declining 3.15%. The index closed low in its trading range on higher and about average volume. The market sold off today after three days of advances. The declines were fairly large with quality growth stocks taking a substantial hit. The best thing you can say about today’s action is that there was lower volume as prices fell. This shows that large institutional players were not heavy sellers today. Some selling would be expected after solid advances in the last three days. The price declines today were pretty high but the lower volume blunted the blow. Overall the rally attempt is still on solid ground, but further selling could change that. Jerry