Jerry Samet
04-05-2014, 12:11 PM
The market got really pasted yesterday. After opening slightly lower the major averages sold off the rest of the day and finished at their intraday lows. The damage was widespread with the COMPQ leading the way down with a loss of 2.60% while the SPY was off 1.25%. Volume was much higher than Thursday and also well above average. This action killed any chance of a rally and all the gains that were achieved when the SPY went to new high ground were lost. IBD, after three days in rally mode went back to a correction call. Leading stocks got hit hard as well with the leaders index falling 2.24% on very heavy volume. The index is now sitting on it’s 17dma after just breaking out a week earlier. The market is in a difficult position now and has been for a while. It is very hard to make money in this environment. One thing that I have learned is that you should only be in the market when it is pretty easy to make money. This is not one of those times. The beach is an attractive place to be. Jerry