Jerry Samet
02-26-2020, 07:07 PM
The market put in another disappointing performance today. The major averages opened higher and rose to some solid gains early. It didn’t last. They topped out less than an hour into trading and spent the rest of the session working their way lower. The final results were mixed but there was weakness overall. The New York averages finished lower with the SPX declining .38%. The Nasd averages were a bit higher with the COMPQ and the NDX gaining .17% and .44% respectively. All the major averages finished near the bottom of their intraday trading ranges, showing real weakness. Volume was close to yesterday’s levels and mixed. It was lower by 1.31% on the New York and higher by .05% on the Nasd. The absolute levels were still very high. Leading stocks were mixed as well with the leaders index higher by .06%. The index closed low in its trading range and volume was lower but still very high. The index underperformed the Nasd averages. The action of the market today was not encouraging. Like yesterday the market opened strong and quickly sold off into the close. The low finish shows that there was very little buying interest today. For the second day in a row we have seen a strong open lost and the markets closing weak. This is a very negative sign. Markets that open higher and close lower are showing a lot of weakness. The market also has not been able to stage any kind of rebound. After a big selloff the quality of the bounce will tell you a lot. This market has not been able to generate any bounce. That usually means lower prices ahead. The recent weakness should continue. Jerry