Jerry Samet
03-08-2025, 10:06 AM
The market bounced a bit yesterday, but it wasn’t a strong bounce. The major averages opened a little higher but selling came in and they went to new lows for the move. After Powell had some positive statements about the economy the market rallied into the close. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained .70% and .74% respectively. The SPX was higher by .55%. Volume was higher across the board. Leading stocks were mixed. The leaders index gained .70% on the day. The index closed high in its trading range on higher and above average volume. The market had something of a bounce yesterday after Powell made some encouraging remarks about the economy. Before that the market was continuing its decline. The market is showing a lot of weakness recently. We are certainly in a correction and it is looking like it will become more than that. The damage to leading stocks has been severe. We are likely due for some sort of counter trend bounce, but it will probably be no more than that. The market looks like it is going lower so protecting capital is the primary concern now. Jerry