Jerry Samet
09-25-2014, 11:16 PM
The market really got slammed today. The major averages opened lower and declined for the rest of the session. Late weakness saw all the major averages finishing at their intraday lows. The COMPQ was hardest hit with a decline of 1.94% and the SPY was lower by 1.62%. Volume was mixed, higher on the Nasd and slightly lower on the New York. This produced distribution on the Nasd averages, bringing the distribution count to six. Both the COMPQ and the SPY broke below both their 50dma’s and the ten week moving averages on the weekly charts. Leading stocks were hit along with the overall market. The leaders index fell by 1.66% and volume was slightly higher than yesterday and above average. I am a little surprised that the index did as well as it did as quality growth stocks generally decline more than the major averages in a decline. The index closed just below it’s important 17dma, but closed off it’s intraday lows. In the recent past the market has had short sharp selloffs only to rebound and may do so again, but right now it is hard to find much to be positive about. Jerry