Major market indexes reversed course yesterday after a strong opening, with the NASDAQ Composite Index posting a full outside reversal to the downside, quite an achievement considering yesterday's incredibly strong gains. Volume was higher across the board. The market is obviously in a very dangerous and volatile state, with many leading stocks coming apart yesterday in brutal fashion. Many Chinese names, including Alibaba (BABA), which had rallied yesterday on news that the U.S. and China were holding discussions to reach agreement on lowering China's trade surplus with the U.S., sold off hard.
Futures were attempting to bounce after trading lower for much of the early morning but are now once again heading lower. Expect heightened levels of volatility.
Focus List Notes:
Every single name on the list posted a huge outside reversal to the downside on heavy volume. If the action of these names as a group is indicative of the health of this market, this market has some serious problems.
Market Lab Report - Pre-Market Pulse for Wednesday, March 28, 2018
|28 Mar 2018 09:03 ET
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