Jerry Samet
04-07-2015, 11:09 PM
The market opened higher today and it looked like there might be a continuation of yesterday’s strength. The last hour saw the major averages reverse lower and lose all of the session’s gains. The COMPQ fell .14% while the SPX declined .21%. All the major averages finished at their intraday lows. Volume was lower across the board so there was no distribution on the session. Leading stocks did a little better than the overall market as the leaders index gained .79% on slightly higher but still well below average volume. The index remained above it’s important 17dma but it also closed at the bottom of it’s intraday range. The reversal today is a negative sign and the market remains in it’s trendless and whipsaw pattern. The selloff at the close shows there were few buyers willing to step in and support the market late in the session. I suspect that we are putting in a long term top but the market is reacting to every news event concerning the Fed and interest rates. A healthy cash position is probably a good idea right now. Jerry