Jerry Samet
09-03-2015, 07:01 PM
The market started out with solid gains today, but a bit less than two hours into trading the major averages topped out and started heading lower. All the major averages finished at their intraday lows, a sign of weakness. Final prices were mixed, with the COMPQ losing .35% and the SPX gaining .12%. Volume was lower across the board. Leading stocks were lower on the day with the leaders index declining .79% on higher but still below average volume. This shows that there was some selling pressure from large institutional players. Most of the big cap tech stocks, like FB,AMZN and GOOGL were lower on the day. We are in an extremely volatile market that has large moves in different directions on an almost daily basis. Today and tomorrow are a bit quieter because the Chinese market is closed, but it will reopen Sunday night. The employment report will be out before the open tomorrow and that will likely set the tone for tomorrow’s trading. Jerry