Buyers and Sellers in Balance

By Laif Meidell, CMT, President of American Wealth Management, and Portfolio Manager of the AdvisorShares Meidell Tactical Advantage ETF (NYSE Arca: MATH) and the AdvisorShares Market Adaptive Unconstrained Income ETF (NASDAQ: MAUI)   The major market averages traded lower during the first hour of trading after the ECB President Mario Draghi said that the extension the central bank’s quantitative easing program had not been discussed. As many had expected, the ECB decided not to make any changes to its main interest rate, though there is still one more opportunity this year when the central bank meets again in December. However, some investors saw the sell off as a buying opportunity which lifted the major averages into the green momentarily during the day. By the closing bell, the major market averages finished near where they had started, an indication that the buyers and sellers were in balance, with the Standard and Poor’s 500 off 0.14 percent and the Nasdaq Composite marginally lower by 0.09 percent. The presidential cycle of the...