Jerry Samet
03-14-2022, 06:41 PM
The market took another tumble today. The major averages opened a bit higher and tried to make a weak rally attempt, but it didn’t last long. Selling came in and the major averages sold off into the close. All the major averages finished at or near the bottom of their intraday trading ranges. The worst of it was in the Nasd averages with the COMPQ and the NDX losing 2.04% and 1.92% respectively. The SPX declined .74%. Volume rose across the board. It gained 13.25% on the Nasd and 13.84% on the New York. Sizable increases. Leading stocks sold off as well with the leaders index falling 1.45% on the day. Volume was higher and above average. The weak action continued today. An early rally attempt failed pretty quickly and the major averages went on to meaningful losses. The higher volume showed that large institutional players were selling stocks today. This continues the recent pattern of rallies on lower volume and declines on higher volume. News of covid lockdowns in China also didn’t help. The market is waiting for the Fed announcement on Wednesday, but it looks like 25 basis points is pretty much baked in. The Nasd averages took out the lows of the rally day 2/24. The New York averages remain above their rally day lows. I guess this means that there is still the possibility of a follow through, but it would be a pretty weak one. Th bear market continues to march on and while there will be some rallies and the occasional big up day to get everyone excited, the bottom is not in. Jerry