Jerry Samet
12-15-2022, 06:32 PM
The market got hit hard today. The major averages opened with significant losses and mostly went lower from there. All the major averages finished near their intraday trading lows. The COMPQ and the NDX fell 3.23% and 3.37% respectively. The SPX declined 2.49%. Volume showed lower across the board, according to ToS. It fell 7.01% on the New York and .26%on the Nasd. The decline in the Nasd volume was so small that other data feeds could have different results. Leading stocks were lower as well with the leaders index falling 1.47% on the day. The index closed in the upper half of its trading range on lower and slightly below average volume. The market really took it on the chin today. If it was lower than expected economic news or a delayed reaction to the Fed announcement yesterday. Whatever it is the market is not acting well. The leaders index is pretty much broken as it continues to live under its 50dma. It is difficult to consider this rally as anything but a failed rally. The gains since the follow through on 10/21 and the recent weekly Coppock signal have been pretty much nonexistent. There have been few opportunities to make worthwhile profits as most actionable stocks have produced disappointing results. The COMPQ broke below its 50dma today while the SPX remains slightly above this important moving average. The lows of the middle of October may be the next target on the downside. However it works out. Being invested now is a dangerous proposition. Jerry