Jerry Samet
06-01-2011, 08:16 PM
The market fell hard today with all the major averages down in excess of 2%. Volume was lower than yesterday's high levels but still above average. There was not a distribution day today but the Dow undercut it's recent low. IBD went back to correction, marking the quickest failed rally in memory. All the major averages are back below their 50dma's. The leaders got hit along with the market, dropping 2.93% on lower volume. 21 of the 22 stocks in the index declined and 47 of the 50 stocks in the IBD 50 were down. It certainly appears that lower prices are ahead.