Jerry Samet
09-19-2016, 06:51 PM
The market started off strong today with all the major averages having solid gains. After a little over a half hour of trading they reversed and sold off. All the major averages closed very near their intraday trading lows with the COMPQ lower by .18% and the SPX virtually flat. Volume was lower across the board, as you would expect after an expiration day. Leading stocks did a little better than the overall market with the leaders index rising .19% on lower but still above average volume. The index finished in the lower half of it’s intraday range, but was still positive. It held it’s short term moving averages at it’s lows and almost got back to it’s old highs intraday. The relative strength line of the index made a slight new high. We continue to trade in a volatile range as we await the results of the Fed meeting and the BOJ report. The Nasd averages are the strongest and the NDX traded at new highs early, but couldn’t hold the gains. The New York averages are much weaker and the charts are being contained by declining short term 10 and 21dma’s. The market is expecting the Fed to stand pat on Wednesday. We will have to see what the Fed does and says in a couple of days and more importantly how the market reacts to it. Until then it will likely continue to be a wild ride, probably after as well. Jerry