Morning Report – March 7, 2014
Yesterday there was some indication of distribution in the NASDAQ composite. The index gapped open to near its high of the day, and only managed to close at 36.2% of its daily range. It did fight back from the day’s low which was slightly below Wednesday’s low, and volume was relatively heavy with over 2 billion shares traded. The small-cap indexes held up pretty well with the S&P 600 managing to gain .2% for the day.
It seemed like a very quiet day, but with over 2 billion shares traded in the NASDAQ composite there was a fair amount of activity going on. Semiconductor stocks were some of the strongest stocks, but the biotechnology stocks suffered from profit-taking once again. All I seem to be on the nonfarm payroll report which is coming out this morning at 7:30 AM Central time. Once again, expect violent movement in the futures when the report is released. Read Full Report