Stock Market Summary Friday June 1st 2012

Posted by Stephen Sutherland on Fri, Jun 01, 2012 @ 09:59 AM
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Yesterday's market action was positive.

The Nasdaq Composite dropped 0.4% on above average volume. This behaviour would normally indicate that institutional investors were selling; however the Nasdaq did bullishly reverse off its intraday lows and closed the day in the upper half of its trading range.

It was a positive sign to see institutional investors supporting the Nasdaq as it hit 2800. This area has been offering good support since mid May.

It was also constructive to see the S&P 600 finding support at its 200 day moving average. This is an area were the big players tend to buy or add to their previous positions. These are more signs to say we may have found a bottom.

India and global materials outperformed. Russia underperformed.

Leading stocks action was mixed.


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Topics: Stock Market Summary