Jerry Samet
09-21-2015, 06:26 PM
The market opened with solid gains today, but gave most of them up by the close. The strength today was mostly in the New York averages, particularly the Dow. Weakness in the middle of the trading day hit the major averages pretty hard. The COMPQ had better than a 50 point gain during the session but gave it all back to close up only .04%. The SPX was stronger with a gain of .46%. Both closed in the middle or lower half of their intraday trading ranges. Volume was lower across the board, as would be expected after an expiration day. Leading stocks underperformed the overall market with the leaders index losing .52% on the session. Volume was lower and just below average. There was particular weakness in the biotech sector. Today didn’t do much to give us clues about the future direction of the market. I think that if the COMPQ can’t break above it’s 200dma(which it is 1.8% below) it will likely go back and retest recent lows. Jerry