Market Wrap

The market had a sharply lower start and a huge spike down,taking some of the technicals to levels we haven’t seen since 2002. They did manage to rally off the lows after the Fed cut 75 basis points. With about twenty minutes to go they were near the highs for the day and close to flat for the day. But they couldn’t hold on and rolled over. Oddly, the Philly Semi Index (SOXX) was up 3% and if not for its move, the NAZZ would have been in worse shape. Is that a sign the semis are done going down and will be a group that leads us up? We will see for sure in the days and weeks ahead. Tomorrow if we can take out resistance NDX 1830 and 1330 on the S&P it will be helpful.

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