Jerry Samet
02-08-2025, 10:39 AM
The market had a disappointing session yesterday. After a solid open the major averages went to good gains early. Selling came in on tariff talk and the major averages sold off the rest of the session. All the major averages finished at of very near their intraday trading lows. The COMPQ and the NDX fell 1.36% and 1.30% respectively. The SPX declined .95%. Volume was mixed, higher on the NASD and lower on the New York. This produced a new distribution day on the NASD averages. Leading stocks held up better than the overall market. The leaders index was about flat with a loss of just .07%. The index closed low in its trading range on higher and above average volume. The market started out good yesterday. The employment report was pretty friendly and the market rallied. Then talk of more tariff announcements next week came out and things rolled over. The rally, and maybe the bull market, is looking more shaky. Indicators are giving signals and then quickly reversing. The major averages have been stuck in a trading range since late November or early December, depending on the index. There was almost another Hindenburg signal yesterday. It is going to be difficult for the market to make any progress with all the tariff talk going on, and it doesn’t look like it is going to stop any time soon. A more defensive position is probably a good idea. Jerry