Jerry Samet
08-17-2023, 06:23 PM
The market had another bad session today. The major averages opened slightly higher, but again couldn’t hold on to the gains. Selling came in and all the major averages finished near the bottom of their intraday trading ranges. The COMPQ and the NDX fell 1.17% and 1.08% respectively. The SPX lost .77%. Volume was mixed. It was higher on the New York and lower on the Nasd. This produced a new distribution day on the New York averages. Leading stocks were hit hard with the leaders index falling 3.10% on the day. The index closed low in its trading range on slightly lower volume. The market continued its corrective action today. There was little positive that can be said about the action. Early gains were quickly lost and selling continued into the close. The charts of the leaders index and the major averages all look sickly. Even IBD finally came around to calling the market in correction. We are clearly in a weak market and the real question here is how far it will go. Its to early to know that, but we will clearly see lower prices in the short term. Jerry