Jerry Samet
08-26-2013, 11:21 PM
The market got off to a good start with all the major averages showing solid gains and the COMPQ coming within a fraction of it’s old high. The markets sold off late after Kerry’s press conference indicating that military action against Syria was likely. They all closed near their intraday lows. Volume was lower across the board and well below average, which will probably continue until many market participants return after the Labor Day holiday. Leading stocks were very strong early with top stocks like TSLA, LNKD, NFLX and FB all making new highs. They all sold off along with the market and gave up most of their gains. The leaders index set a new high before reversing and closing down .08% on the day. Volume was much higher and well above average. The market was acting stronger and today’s reversal is a bit worrisome. This can be corrected by a couple of solid up days and there is a good chance it will, but some caution is probably a good idea before taking new positions. Jerry