Jerry Samet
03-31-2025, 06:39 PM
It was a wild day today. The major averages opened lower and went to significant losses. The major averages rallied into the close and all closed near the top of their intraday trading ranges. The SPX recovered to post a gain of .55% while the COMPQ and the NDX were lower by .14% and .02%. Volume was higher across the board. Leading stocks were lower on the day with the leaders index declining .61%. the index closed high in its trading range on higher and above average volume. It was a pretty wild day today. The major averages opened with significant losses and sold off from there. All the major averages under cut their recent lows and it looked like the market might be entering the second down leg of the bear market. At its lows today the COMPQ was down over 16% from its highs. There was then a reversal and all the major averages rallied into the close. The New York averages made it into positive territory while the NASD averages erased most of the early losses and closed with small losses. It was a surprising move and the market did put in a positive reversal. These types of reversals often lead to higher prices. The rally attempt we just had was very weak. The market could move higher from here, but given the current environment it would be wise to be cautious. Wednesday is the day tariffs are supposed to go into effect and Friday there will be the employment report. Today’s reversal could lead to a rally, but I would be surprised if it amounted to very much. Jerry