The market sold off today after it’s recent advance, but the losses were fairly contained. After opening lower the major averages worked their way lower most of the day and finished near their intraday lows. The Nasd held up best with the COMPQ declining .21% and the NDX off by .11%. The SPX fell .43% as New york stocks fell harder due to poorly received earnings reports on two big Dow components. Small and mid cap stocks were again the weakest with the RUT and MID off .45% and .73% respectively and both are below their 50dma’s. Leading stocks did better than the overall market with the leaders index gaining .16% on the session. The index closed high in it’s intraday trading range and the relative strength line if the index is in new high ground. The index has flattened out after advancing for over a week, which is not unusual. The fact that quality growth stocks are outperforming the major averages is a positive sign, but the market remains difficult and profits remain hard to come by. AAPL released it’s earnings report after the close and the stock is selling off in the aftermarket. How the Nasd averages react tomorrow will be instructive. Jerry
Reply With Quote