Jerry Samet
11-14-2011, 10:10 PM
The market was down all day today with the major averages declining a bit less than 1% and closing near the lows of the day. Volume was extremely light as it declined across the board and was the lowest overall volume in weeks. This shows there was not a lot of conviction in today's decline. All the major averages remain below their 200dma's and are having a hard time breaking above this important resistance. Leading stocks outperformed the overall market with the leaders index rising slightly, up .20% on light and well below average volume. The market continues to struggle at the levels that have contained bear market rallies in the recent past and if we can't break decisively above the 200dma the rally may stall out and roll over. Jerry