Jerry Samet
12-08-2015, 07:47 PM
The market sold off pretty hard at the open and all the major averages were showing solid losses. The market traded at it’s intraday lows about an hour into trading and then rallied a bit. The rest of the session was spent in a trading range. Major averages recovered much of their early losses and closed high in their intraday ranges, the COMPQ flirted with positive territory but closed fractionally lower. The COMPQ finished with a loss of .07% while the SPX fell .65%. The real hit today was the Transports, which fell 2.81%. Volume was mixed, slightly lower on the Nasd and higher on the New York. This produced another distribution day on the New York averages. Leading stocks had a slightly better day than the overall market on a price basis. The leaders index was lower by .09%. Volume was lower than yesterday and slightly below average. After testing it’s 50dma for the last few sessions the index traded most of the day below this important support level. The index closed a bit above the 50dma and high in it’s intraday range, but it looks like a sloppy session on the chart. The distribution count remains high and the SPX closed fractionally back below it’s 200dma, which it just recently regained. It is a tough market and while there are some opportunities out there getting to aggressive could be costly. Jerry