Jerry Samet
01-29-2015, 12:04 AM
It was another ugly session today. The major averages started with strong gains, mostly due to AAPL having strong numbers, but the market couldn’t hold the gains. A sell off was followed by a rally back into positive territory, but strong late selling caused all the major averages to finish at their intraday lows. The New York averages were weakest with the SPX losing 1.35% while the COMPQ fell .93%. Volume was higher across the board, so there was distribution on all the major averages. There was also a significant volume increase, showing that large institutional players were selling. The major averages moved further below their 50dma’s. Leading stocks were generally hurt along with the overall market. The leaders index actually showed a .43% gain on the session due to large gap ups in EA and FSL. These more than offset two and three percent losses in many other components of the index. It did however close below it’s opening price and near it’s intraday lows. The FED announcement today didn’t really do much. I really don’t see any reason to be playing around in this market. Few stocks are producing worthwhile gains and for every one that does a couple don’t. Unless you are very lucky or very good you really can’t make any progress. I have found that every time I have been hurt in the market it is because I was playing around when I shouldn’t have. Stay on the sidelines until we have a clear direction. Jerry