Jerry Samet
03-08-2022, 06:33 PM
It was a pretty wild ride today. The major averages opened slightly lower and sold off from there. Biden announced a ban on Russian oil and the market rallied to solid gains and it looked like there might be a follow through. The market then sold off into the close and finished moderately lower. All the major averages closed low in their intraday trading ranges. The COMPQ and the NDX fell .28% and .39% respectively. The SPX lost .72%. Volume was higher across the board. It gained 8.96% on the Nasd and 3.77% on the New York. Leading stocks were mixed with the leaders index gaining .21% on the day. The index closed low in its trading range on higher and above average volume. The action of the market today was not encouraging. After a big sell off like there was yesterday you would look for something of a bounce. We didn’t get it today. The market rallied hard after the announcement of a ban on Russian oil and gas, for some reason, but it didn’t hold. Selling came in and all the gains were lost. It is very negative when the market can’t even get an oversold rally going. Bear markets have intermediate term tradable rallies and there will likely be one before this bear is over, but I don’t see one right now. The market is extremely volatile right now with large moves in both directions, sometimes on the same day. We have not seen the bottom yet. Jerry