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The market gapped down at the open, then bounced back to close the gap before heading lower again. In the afternoon the SPX hit its low for the day at 1762, then recovered heading into the close. Two weeks ago today the market hit SPX 1775 at the open. Since then the market has failed on three attempts to break through that level, and the 1779 range. Consolidation, or forming a top? Since June the SPX has risen from 1560 to 1775 with nothing more than a 4.9% correction during that period.
Although the Russell 2000 and the Nazzy pulled in a little, the Dow and S&P seem to be holding up just fine. I just think you have to nibble the dips when they happen. It is however a very stock specific market and regardless of an index hitting an all time high, there are 10-20% drubbings all over the place. SRPT as an example dropped over 60% today.
Many of us missed the Twitter IPO, but here is one we should all be glad we missed. Yes, now “people” are going public.
I have nothing new on the docket tonight, so I’ll see you all on the trading room in the morning.