Jerry Samet
09-23-2023, 10:58 AM
The market tried to stage a bounce yesterday, but it didn’t hold. The major averages traded higher early, but selling came in and continued most of the remainder of the session. All the major averages finished near their intraday trading lows. The Nasd averages were mixed but little changed. The COMPQ was lower by .09% while the NDX gained .05%. The SPX fell .23%. Volume was lower across the board. Leading stocks were a bit higher with the leaders index gaining .12% on the day. The index closed in about the middle of its trading range on lower and below average volume. The market tried to bounce back after the selling triggered by the Fed announcement. It didn’t hold as selling came in and erased the early gains. This is negative action because a market that can’t rally after a sell off is usually destined to go lower. September is almost over, so the worst month of the year will soon be behind us. We can’t know now how low this correction will take us, but I still believe that we will see a bottom and a tradable rally sometime next month. There will be no update on Monday. Jerry