Jerry Samet
04-30-2022, 11:19 AM
In a stunning display of volatility the market gave back all of Thursday’s gains and then some. The major averages opened lower and it was all downhill from there. The selling continued into the close and all the major averages finished at or very near their intraday trading lows. The Nasd averages took the worst of it as tech stocks were hard hit. The COMPQ and the NDX fell 4.17% and 4.47% respectively. The SPY declined 3.62%. Volume was lower across the board. It fell 10.34% on the Nasd and 4.49% on the New York. Leading stocks were lower as well, but held up better than the overall market. The leaders index fell 1.56% on the day. The index closed low in its trading range on higher and about average volume. The market sold off hard yesterday, with about the only good news was that volume was lower. AMZN reported after the close on Thursday and was hit hard yesterday. It pretty much wiped out the gains from the FB report the day before. All the major averages have now taken out the March lows and have a lot of room before there is more real support on the charts. There are more earnings reports coming out next week along with the Fed meeting and announcement on Wednesday. The second leg of the bear market seems to be in full force right now and we should see lower prices ahead. Jerry