Jerry Samet
10-11-2022, 06:31 PM
The market put in another disappointing session. The major averages opened lower and after going lower for a while staged a nice rally into solid gains. It didn’t last as selling came back in and the major averages lost all of their gains and closed lower. The COMPQ and the NDX lost 1.10% and 1.24% respectively. The SPX declined .65%. Volume was higher across the board. It gained 15.84% on the Nasd and 18.96% on the New York. Leading stocks did a little better than the overall market with the leaders index gaining .53% on the day. The index closed high in its trading range on higher and above average volume. The index is sitting right below their short term 9 and 17 day moving averages. The session was disappointing as the market continued to move lower. The COMPQ, NDX and SPX all went to new bear market lows. Volume was significantly higher, which showed that large institutional players were selling stocks. There isn’t a lot of support under the market here and we could go a good bit lower before the final bottom is in. Tomorrow the PPI report comes out and Thursday the CPI numbers are revealed. If these are away from expectations in either direction it could have a big effect on the market. Earnings season kicks off on Friday with several important financial institutions report. Estimates are coming down and it may not be a good news. The bear continues and there is no sign of a bottom yet. Jerry