Wednesday’s action was not very encouraging. Markets gapped up at the open and stayed in a small range until 2 PM, and then a heavy bout of selling kicked in. Again in bull markets we don’t want to see up opens and down closes. It looked like the market had wanted to turn the corner late last week but action this week has been troubling. The S&P 500 fell 1.35% and the NASDAQ 0.93%. The action in the NASDAQ is particularly bad when you consider Apple had a huge day and is a massive portion of the NASDAQ index. The Federal Reserve had its meeting announcement today and as expected little new was said.Continue reading
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