Yesterday's market action was negative.
Friday's activity was far from ideal and added to the negative day we saw on Thursday. All the indexes fell hard plus trading volume was above average suggesting institutional selling. Another negative was all the indexes ended the day on their lows indicating the possibility of more downside to come.
India matched the market, Russia underperformed and the global materials sector outperformed. Lately leading stocks have been acting well but yesterday quite a few leaders displayed action similar to the indexes and fell on heavy trade.
Leading up to Thursday and Friday the market had been acting well so hopefully we have just entered a very brief pullback /shakeout period to turn everybody bearish. Next week things should become clearer on the markets true intentions. Ideally I'd like the Nasdaq to get back above its 50 day moving average as soon as possible.
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