Jerry Samet
03-18-2025, 06:42 PM
The market couldn’t extend its winning streak to three days. The major averages opened lower and stayed down the rest of the session. All the major averages closed low in their intraday trading ranges. The COMPQ and the NDX fell 1.71% and 1.66% respectively. The SPX declined 1.07%. Volume was mixed, higher on the NASD and lower on the New York. Leading stocks sold off as well. The leaders index fell 4.46%, wiping out most of yesterday’s gains. The index closed low in its trading range on lower and about average volume. After a couple of good days the market seems to have gone back to its losing ways. The major averages showed significant losses, particularly the NASD averages. After a couple of up days a pullback would be ok, but this was a pretty big sell off. This doesn’t mean the rally attempt is over, but it doesn’t help. The Fed announcement is tomorrow. The market will probably not due much before the announcement, but could move after it. There is unlikely to be any change in interest rates, but Powell’s news conference is always a wild card. Jerry