Jerry Samet
12-13-2018, 07:00 PM
The market opened a little higher today but again couldn’t hold the gains. The major averages saw their highs in the first half hour of trading and mostly sold off the rest of the session. A little late strength saw the major averages close off their lows, but they all closed low in their intraday trading ranges. The New York averages were the strongest with the SPX flat on the day by declining only .02%. The COMPQ was lower by .39% while strength in a few big cap tech stocks allowed the NDX to advance .06%. Volume was lower across the board, but it was very close on the New York. Leading stocks were generally lower with the leaders index falling 1.47% and closing low in its trading range. The index fell back below the important 17dma again resistance level. The market continues to struggle. We again saw the market open higher and close weak, a sign of a lack of support. The major averages continue to trade near their recent lows and the leaders index can’t regain the 17dma or its old highs. The most important factor is that there are really no stocks producing real gains. Of the stocks that have broken out in the Marketsmith 250 since the follow through only one has produced double digit gains. This means that it is very difficult to make money right now. I have always thought that you should be invested in the market when it is easy to make money, not when it is hard. Jerry