Jerry Samet
01-05-2012, 11:30 PM
The market sold off early and higher volume at the time made it look like we were headed for a distribution day. The major averages then rallied into positive territory and then sold off a bit to close about unchanged on the New York averages. The Nasd averages closed with solid gains and the Nasd Composite joined the S&P 500 above it's 200dma. All the major averages closed near their highs for the second day in a row. Volume was slightly higher across the board. Leading stocks outperformed the overall market with the leaders index rising 1.64%, but on lower and below average volume. It also broke above it's 50dma that had been providing resistance. The action of the market tomorrow will be determined by the employment report and how the market reacts to it. Jerry