Jerry Samet
03-02-2017, 06:01 PM
The market sold off today after yesterday’s strong advance. The major averages opened lower and worked their way down the rest of the session. The COMPQ finished with a loss of .73% while the SPX declined .59%. This represents roughly half of yesterday’s rally. All the major averages closed at their intraday trading lows as there was some late selling. Volume was lower across the board, which is what you want to see on a pullback after a rally. Leading stocks were lower as well with the leaders index falling 1.70% on the day. The index with CYBE in it is sitting on its 50dma for the second time. The index without CYBE closed just below its 17dma. The financial stocks were hurt today after a strong move yesterday. Volume was lower, as you would like to see. The decline in the major averages today was pretty normal after the large gain yesterday. The charts are looking fine. Leading stocks are lagging and few breakouts are producing worthwhile gains. At this point, and probably for a while now, index ETFs are a better bet than individual stocks. Jerry