Jerry Samet
05-11-2022, 06:42 PM
The market got hit hard again today. The CPI report came in a bit higher than expected and that caused the major averages to open lower. There was a rally attempt that didn’t hold and all the major averages sold off into the close, finishing at their intraday trading lows. The Nasd averages were again the hardest hit with the COMPQ and the NDX falling 3.18% and 3.06% respectively. The SPX declined 1.65%. Volume was slightly lower across the board. It fell 1.63% on the Nasd and .76% on the New York. Leading stocks were lower as well with the leaders index declining 1.59% on the day. The index closed low in its trading range on lower and below average volume. The selling continued today with the market not showing any ability to bounce. All the major averages made new lows for the bear market and there doesn’t seem to be a bottom in sight. The CPI report was a little higher than expected, but the selling can’t be completely attributed to that. The PPI report comes out tomorrow. The SPX is now just short of the 20% down level and the COMPQ is just about at 30% down from its highs. This is a serious bear market, and it isn’t over yet. Jerry