Jerry Samet
02-09-2016, 09:43 PM
The market bounced around from losses to gains all day until some late selling saw the major averages close slightly to the downside. The COMPQ had a loss of .35% while the SPX fell .07%. Both closed in about the middle of their intraday trading ranges while volume was lower across the board. This shows that large institutional players were not heavy sellers. Leading stocks acted about the same as the overall market. After bouncing around the leaders index ended the session with a loss of .07%. It closed in about the middle of it’s trading range. Volume on the index was lower than yesterday but still well above average. The index is dancing with it’s 200dma right now and has been for the last two days. The relative strength line of the index is right on it’s 50dma. The market was very volatile today, typical bear market action. Nothing that happened today did anything to change the overall picture. The market has been unable to stage even a weak rally even after a sizable decline. This usually points to lower prices ahead. Jerry