Jerry Samet
03-22-2016, 07:18 PM
The market opened lower today following the European markets after the terrorist attack in Brussels. The selloff didn’t last long as the major averages bottomed out in the first half hour of trading and headed higher until a bit of late weakness saw the major averages finish off their intraday trading highs. The Nasd averages closed with slight gains while the New York averages had small losses. The COMPQ gained .27% while the SPX lost .09%. Volume was very close to yesterday’s level. Esignal had it slightly higher but the difference was so small that other data feeds could have different results. Leading stocks were generally lower with the leaders index falling .26% on slightly lower and well below average volume. The index closed in about the middle of it’s intraday range and even at it’s low it stayed above the short term 9dma. The index has traded about flat for the last three sessions after it broke into new high ground while the relative strength line remains in a consolidation. The fact that the markets here and even in Europe could recover so quickly after the attacks is a positive sign. How the market reacts to news if often more important than the news itself. The fact that the market could shrug off bad news like we saw today shows that the uptrend is intact. The rally is certainly not setting any fires but there is a bid under the market and the direction in at least the short term is up. Jerry