The market really got pasted today. Badly received earnings reports caused a wave of selling. The major averages opened lower and sold off the rest of the day. All the major averages finished near their intraday trading lows. The NASD averages took the worst of it with the COMPQ and the NDX fell 2.76% and 2.44% respectively. The SPX declined 1.86%. Volume was mixed, lower on the NASD and higher on the New York. Leading stocks took a hit as well with the leaders index selling off 3.11% on the day, more than some ETFs of leading growth stocks. The index closed low in its trading range and right on its 50dma. Volume was higher but below average. The market, and virtually every other asset class, really took a hit today. The market didn’t like the earnings reports from MSFT and META and selling came in. The market was priced pretty much to perfection and it didn’t happen. Real damage was done today. Important support levels were broken. The SPX is right on its 50dma while the INDU and NYA are below this important moving average. AMZN and AAPL reported after the close today and they were moderately well received. The futures are trading up slightly as of this writing. The employment report comes out before the open tomorrow. Hopefully it will be friendly to the market. The market must recover the losses quickly or the rally could be in trouble. Jerry
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