Stock Market Summary Saturday May 12th 2012

Posted by Stephen Sutherland on Sat, May 12, 2012 @ 10:18 AM
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Yesterday's market action was neutral.

The Nasdaq finished flat for the day and volume was average. Since Monday's heavy fall, the Nasdaq has not managed to claw those losses back however in the last few days, we have seen the index consolidating and logging three very tight closes - which is bullish behaviour.

We've also seen the Nasdaq find institutional support at 2900 on two occasions this week, which means for now it appears we have found a temporary floor.

The global materials sector, India and Russia all underperformed. Leading stocks behavior was negative.

Even though the market remains weak, it looks like we may have found a floor. Correction periods are never nice times and can be stressful however they do always eventually pass. They also get easier to handle the more times you experience them. Faith is vital, patience essential.


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Topics: Stock Market Summary