Jerry Samet
12-13-2021, 06:30 PM
The market sold off pretty hard today. The major averages opened slightly lower but it was all down hill from there. Late selling saw all the major averages finish near their intraday trading lows. The Nasd averages led the way lower with the COMPQ and the NDX losing 1.39% and 1.53% respectively. The SPX fell .91%. Volume was higher across the board. It gained 12.52% on the New York and 3.44% on the Nasd. This showed that large institutional players were selling stocks today. Leading stocks were hit hard with the leaders index falling 3.24% on the day. The index closed low in its trading range on higher and above average volume. This shows heavy selling in quality growth stocks as well as the overall market. The action of the market today was very negative. All the major averages had meaningful declines on higher volume. This shows institutional selling and distribution. The day after the SPX made a new closing high it sold off on volume. This is negative action. The Fed announcement will come out on Wednesday and the market will be on eggshells until then, but the overall picture is not encouraging. Jerry