Jerry Samet
06-29-2011, 11:26 PM
The market rallied again today, with gains of between .60% and 1.1% on the major averages. Volume was slightly higher than yesterday, but still well below average. The leaders underperformed, rising .33% and finishing below the opening. Volume was higher also but still below average. The major averages are rallying up toward their 50dma's and this is likely to provide resistance. It will be important to see what happens when the market hits the 50dma. If it is turned back then we will likely test recent lows at least. If it can break above this resistance level with conviction then we could see higher prices. Jerry