Stock Market Summary Saturday 13th October 2012

Posted by Stephen Sutherland on Sat, Oct 13, 2012 @ 02:24 PM
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Yesterday's market action was neutral.

The Nasdaq Composite fell 0.17% in below average trade (Point A) marking its sixth consecutive down day. My opinion remains the same which is whoever 'needed' to sell probably has.

Leading stocks action was negative. I am pleased however with market leader Apple's recent behavior. It appears to have found some solid support just below where its currently trading. I've also noticed that many top stocks are acting well around their 50 day moving averages, another good sign.

I'm still expecting to see significant support arrive soon and should the market fall further, I'd like to see a lot of aggressive buying between 3000 and 3040 (Point B). We are currently trading at 3044 (Point C).

Even though the Nasdaq and the 600 both lost ground for the week, volume was below average especially on the S&P 600 (Point D) indicating a reluctance to sell from institutional investors. This behavior tells me all remains well.


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Topics: Stock Market Summary