Jerry Samet
10-06-2016, 06:53 PM
The market opened lower today and worked it’s way lower for a couple of hours. The losses were not substantial but were over a half of one percent at the lows. A short rally then occurred and took the major averages to about breakeven in a half hour and they held that level the rest of the session. The COMPQ finished with a decline of .17% while the SPX gained .05%. All the major averages finished near their intraday trading highs, showing their was some support as stocks sold off early. Volume was lower across the board and below average on both exchanges. This shows that large institutional players were not selling heavily today and may well have supported stocks. Leading stocks did a little better than the overall market with the leaders index rising .50% on higher and just below average volume. The index again held above it’s important 17dma and closed in the upper half of it’s intraday trading range. That and the higher volume on an up day are encouraging, but right now the index is holding support and it would be better to see it break into new high ground. The situation didn’t change much today. The Nasd averages are struggling with new highs while the New York averages can’t get above their 50dma’s. The employment report will come out before the open tomorrow. That will set the tone for trading. Jerry