Jerry Samet
01-20-2026, 08:10 PM
The market got hit hard today on the Greenland tariff issue. The major averages opened lower and sold off the entire session. All the major averages finished near their intraday trading lows. The COMPQ and the NDX fell 2.39% and 2.12%. The SPX lost 2.06%. Volume was higher across the board. This produced a new distribution day on all the major averages. Leading stocks had a generally good session. The leader’s index gained 2.82% on the day. The index closed high in its trading range on higher and above average volume. This is a new high for the leader’s index on both a price and relative strength basis. The market got hit hard today on talk of more tariffs on several European countries over Greenland. The damage was substantial as all the major averages broke below their respective 50dma’s on higher volume. This is negative. The action was mostly caused by the Greenland controversy so it could be resolved fairly quickly and the market could right itself. Many ETFs and baskets of leading stocks did well today, and that is good. Some of that gains was due to a large increase in gold and silver related stocks as those metals did very well today. The market has been doing fairly well up to today, although the NASD averages continue to trade below their highs. Today could turn out to be a quick one off if the issue is resolved, but this rally is pretty old so it could turn into something worse. Right now the major averages must regain their 50dma’s in a hurry. Jerry