Jerry Samet
10-15-2024, 06:22 PM
The market sold off today after recent strength. The major averages opened a little higher but selling quickly came in and they declined mostly into the close. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX lost 1.01% and 1.37% respectively. The SPX lost .76%. Volume was higher across the board. This was to be expected after a bank holiday yesterday, but it was above average and produced a new distribution day. Leading stocks were lower as well with the leaders index declining .87% on the day. The index closed in about the middle of its trading range on higher and above average volume. The market sold off today on earnings disappointments from a couple of important companies. The semiconductor stocks were particularly hard hit after ASML earnings and reports of government restrictions on foreign sales. The volume was higher today, but overall the damage was limited. After recent advances some pullback is to be expected, but the charts don’t look to bad. Some volatility is to be expected during earnings season, but the rally doesn’t appear to be in any trouble. Jerry