Stock Market Summary Thursday May 17th 2012

Posted by Stephen Sutherland on Thu, May 17, 2012 @ 10:01 AM
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Yesterday's market action was negative.

The market continued its downward trajectory, helping the Nasdaq Composite to lose a further 0.7%. With volume coming in on the heavy side it signalled institutional selling.

Russia outperformed, global materials matched the market and India underperformed.

Leading stocks behaviour was positive.

In summary eight of the last ten trading days have been negative days. With having so many market down days in such a short period of time, I'm expecting a relief rally soon. Because the Nasdaq has support at the point it is currently trading, the relief rally should come soon.

Ideally when the market makes a fight back off its lows, we'll see it successfully follow through helping to confirm that the market is on its way back up.


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Topics: Stock Market Summary