Stock Market Summary Friday June 8th 2012

Posted by Stephen Sutherland on Fri, Jun 08, 2012 @ 10:39 AM
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Yesterday's market action was neutral.

The Nasdaq Composite dropped 0.5% on below average volume. The low volume indicates a reluctance to sell from institutional investors however the Nasdaq did unfortunately suffer a bearish reversal.

The S&P 600 also experienced a bearish reversal however trading volume was above average indicating that institutional investors were selling small cap stocks.

It was good to see the Nasdaq 100, the current leading index, outperforming the Nasdaq Composite and S&P 600.

The chip sector bearishly reversed as it tried to break back through its 200 day moving average.

India, Russia and global materials outperformed. Leading stocks continue to act well.

There was some good and not so good to be found in today's analysis. My short-term outlook remains bullish.


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Topics: Stock Market Summary