Jerry Samet
01-31-2012, 11:27 PM
The market started off weak again today and managed to regain a good part of those losses. The major averages closed mixed as the Nasd Composite closeing slightly higher and the rest of the major averages closing a bit lower. Volume was higher across the board but the small losses prevented a distribution day. Late selling prevented the market from closing at it's highs of the day as it has done recently. Leading stocks performed better than the overall market with the leaders index rising .20% on slightly lower volume. The index closed above it's 9dma while the NYA closed at it's 10dma and the SPX closing just below it's 10dma. The market continued it's pattern of refusing to correct and seems to be consolidating recent gains. This has to be considered positive for the rally. Jerry