This Stock Market Is Not for Amateurs

NEW YORK (TheStreet) -- The stock market proved yet again that this year it is not for amateurs.

The DJIA finished the trading week on Friday down 45.98 points to close at 16512.89. For the week, the DJIA was up 1%. The S&P 500 closed down 2.54 points at 1881.14, up 1% for the week. The Nasdaq finished down 3.55 points at 4123.89, up 1.18% for the week, while the Russell 2000 eked out a gain, finishing up 2.83 points on Friday at 1128.80 and up 0.5% on the week -- making it an overall laggard.

The S&P 500 Series ETF  (SPY) volume was once again on the low side with only 84 million shares traded, well below the 119 million share average volume.

As I mentioned in Thursday's article, we may be seeing the start of the market selloff that I have been looking for. According to my own algorithms, the DJIA, the S&P and the Nasdaq were all into overbought territory on Friday when the market was up.

The Russell 2000, however, is the only index that has been trading on its own. It has not been following the other three indices. That raises the question, what indices are correct in this dysfunctional marketplace?

We will know the answer to that question very soon. As a matter of fact. I expect to have that answer early next week. I believe that there is a big down day or two on the horizon.

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