Traders Hit The Hamptons, Market Sells Off
Are we back in that period where Wall St. vacates early on Friday afternoons and the bears take advantage of the light volume to knock the market down? It sure feels like it.
The action in the last hour of trading was very negative. It looked like energy stocks started to roll over first, and then took the market down with them.
Volume rose slightly from yesterday's below average levels. This makes for a distribution day, but not a convincing one. Breadth was negative, which is needed to work off the current overbought condition.
The SPX held its key 200-day average. The major index is now being squeezed between its 50-day and 200-day. I am still looking for the market to work its way higher, as I don't think the negative sentiment has nearly been wrung out of the market yet.
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posted by J. Kahn @ 3:22 PM
2 comments
2 Comments:
The bears don't get to leave early on Fridays??? :-)
LOL. Good point. I'm just saying that when trading volumes thin out, it's easier to knock the market down with programs, if you are so inclined.
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