Jerry Samet
03-10-2025, 06:27 PM
The market really got slammed today. The major averages opened lower and mostly worked their way down the rest of the day. A little late buying saw the major averages finish off their lows, but still low in their intraday trading ranges. The NASD averages were the weakest with the COMPQ and the NDX losing 4.00% and 3.81% respectively. The SPX declined 2.70%. Volume was higher across the board, showing that large institutional players were selling stocks today. Leading stocks were hit hard as well. The leaders index fell 7.93% on the day. The index closed low in its trading range on much higher and above average volume. The market really got pasted today on more tariff talk. The declines were large and volume was higher on both exchanges. This produced distribution on all the major averages and showed that institutions were dumping stocks. All the major averages are now below their 200dma’s. The COMPQ declined 4.00% today, a very large decline. Moves of 4% or more usually occur during bear markets. The market has sold off in almost a straight line, with only a single up day here or there. This is unusual weakness. The COMPQ is now down over 13% from its highs and well on its way to official bear market territory. The question now is how far this decline will go. We can’t know that now, but protecting capital is the first item on the list right now. Jerry