Jerry Samet
04-08-2025, 06:29 PM
It was another ugly session for the market. After a strong open the major averages reversed lower and sold off the rest of the day. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX fell 2.15% and 1.95% respectively. The SPX declined 1.57%. Volume was lower across the board. Leading stocks were lower as well. The leaders index fell .73% on the day. The index closed low in its trading range on lower but still heavy volume. It started out looking like there would be a strong bounce today. It lasted less than an hour and then the selling came in. It was attributed to the increase in tariffs on China, but who really knows. The market is showing extreme weakness right now. Even after large declines it can’t generate any kind of a rally. The speed of the decline has been dramatic and there is no sign of a bottom yet. The early gains were large, exceeding 4% on the NASD averages. The fact that they disappeared so quickly shows how weak the market is. As long as the news, mostly about tariffs, keeps hitting the market it will be hard to get any kind of rally going. Later this week the CPI and PPI reports come out and earnings season kicks in on Friday with several big banks reporting. The volatility is unlikely to decline. The beach is nice in the spring. Jerry