“Intraday market movement matters,” Tom Essaye says.
“Intraday market movement matters”: Tom Essaye Quoted in Barron’s
The S&P 500 Keeps Starting Strong But Finishing Down
“That’s not what you want to see because what it tells you is you have a bunch of people who own stocks who are looking for an excuse to sell them,” Sevens Report Research’s Tom Essaye told Barron’s. “And the higher price gives them that excuse early.”
We’re only halfway through the month, so there are plenty of opportunities to top that figure. The most it’s happened in a month going back to 2008 was in December 2012, when it occurred 8 different times.
“Intraday market movement matters,” Essaye says. “The ideal scenario is you open lower and you climb out of the hole. We’re doing the opposite here. … It does speak to further technical weakness, and that’s why I believe we aren’t done yet. We probably need to go a bit lower.”
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