Jerry Samet
02-11-2012, 05:34 PM
The market sold off Friday, mostly on news about Greece. The opening was down hard and then the market traded up very little before rising a bit before the close. The market was extended and was due for a pullback and this news was a good excuse. The day's action was pretty tame as volume declined across the board. This is what you want to see in a pullback. The major averages (with the exception of the RUT) all held their 10dma's. Leading stocks are acting well as shown by the leaders index. The decline was only .12% on lower but still above average volume. This was a very small decline and the close was in the upper half of the trading range and above the open. The RS line also made a new high. Overall things look fairly orderly, which is positive. There will be a vote in the Greek Parliament on Sunday on the austerity package. If that goes badly it could cause a problem, but so far so good. Jerry