Market Wrap
Very weak close, with the markets basically closing at their lows for the day. Volume ran lower than yesterday's levels, which is a bit of a positive (no distribution day). Yesterday, I mentioned the positive reversal in the SPX. Today, the COMP nearly had the mirror image. The index made a higher high, and nearly made a lower low today. Not bullish action.
I still think it is too hard to determine if the near-term trend is up or down, until we see if we get some sort of follow-through next week. I have been talking with some of my portfolio manager colleagues, and I can tell you that the pain being felt is worse than the overall indexes are showing.
posted by J. Kahn @ 1:51 PM
3 comments
3 Comments:
It's weird. For as much pain as we all seem to be feeling, we are smack in the middle of a trading range on the SPX and DJIA. The COMP is the only major index that is close to a support level. If it can hold 2240, I think it should spark a short-term rally with techs leading the way.
I think we should rally also, just not sure how long it would last before a possible retest. Did you notice that the COMP has been down for 6 straight sessions? And next week is triple witch...
Didn't notice that the 6 consecutive down streak. Doesn't Altucher have a QQQQ crash setup that goes something along those lines?
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