Stock Market Summary Friday March 30th 2012

Posted by Stephen Sutherland on Fri, Mar 30, 2012 @ 12:37 PM
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Yesterday's market action was positive.

The Nasdaq Composite dropped for the third day in a row, losing 0.31% in similar volume to the previous day. However, with the Nasdaq experiencing a reversal, it appears it may have support at 3070.

It was good to see the chip sector outperforming the market. This is always a bonus especially with chips being the heart and the soul of the Nasdaq. For now the SMH appears to have solid support at the $35 level.

Industrial materials, India and Russia all outperformed.
Leading stocks action was positive.

In summary yesterday I said, ''For now it looks like the four funds I own have yet to find a floor however there is some very strong support just below where they are currently trading. I therefore expect them all to find their footing very soon.'' With the sectors connected to the funds I own outperforming, it could be a sign they have found a floor or close to finding one.

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Topics: Stock Market Summary