Stock Market Summary Saturday June 2nd 2012

Posted by Stephen Sutherland on Sat, Jun 02, 2012 @ 11:53 AM
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Yesterday's market action was negative.

Friday's activity was far from ideal, for one all the indexes fell hard and trading volume was above average indicating institutional selling. Another negative was all the indexes ended the day on their lows indicating the possibility of more downside to come. Plus the Nasdaq and S&P 600 broke through their 200 day moving averages where they ideally should have found some solid support.

Russia matched the market, India and the global materials 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.

The market started the week on a positive but ended on a negative; hopefully we have just entered a very brief 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 200 day moving average as soon as possible.

The Nasdaq, the markets leading index, ended the session with a loss of 2.82%. The S&P 600, the markets second leading index, dropped 3.08%.

For the week the Nasdaq, the markets leading index lost 3.18%. The S&P 600, the markets second leading index, dropped 3.71%.


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Topics: Stock Market Summary