Jerry Samet
09-29-2011, 10:58 PM
We had a wild ride today. The market opened strong and then sold off the rest of the day before staging a late rally. We were up as much as 2% before being down over 1%, so there was a very wide range. The Nasd was unable to get back to positive territory so the higher volume resulted in a distribution day. Leading stocks were hurt badly all day, even when the major averages were strong. PCLN, BIDU and AMZN all took big hits. The leaders index dropped 2.72% on very high volume and traded below the 50dma until a late rally off the lows. The action of the market is very sloppy and the long side is not the place to be. Jerry