Jerry Samet
01-03-2024, 06:26 PM
The selling continued today with the market taking another hit. The major averages opened lower and were down most of the session. All the major averages finished near the bottom of their intraday trading ranges. The COMPQ and the NDX lost 1.18% and 1.06% respectively. The SPX lost .80%. Small and mid-cap stocks took bigger hits. Volume was mixed. It was higher on the New York and lower on the Nasd. Leading stocks were lower as well with the leaders index declining .56% on lower and below average volume. The index closed low in its trading range. The weakness continued today, and may have gotten a little worse. There was a lot of selling and market internals were weak. The support levels that held in the major averages and the leaders index yesterday were broken today. There was another distribution day on the New York averages, and the number is getting up there. We are a bit on a cusp right now. The overall picture still looks like the rally is not over and I still think that the likely outcome is that this is a small correction in an ongoing rally. But I must say that much more weakness like we have just seen could change that. Jerry