Jerry Samet
03-15-2012, 12:17 AM
The major averages traded around unchanged all day and closed within a fraction of where they opened. They closed in the bottom half of their trading ranges and lower volume across the board prevented stalling days. The MEM went to +5, or fully invested as the Nasd Composite has had it's lows above the 21day for five days now. Leading stocks did worse than the overall market as the leaders index dropped .88% on very high volume. Most of the volume spike came from AAPL and KORS. Only nine stocks in the IBD 50 were up on the day. The action today had to be considered sloppy due to the sell off in leading stocks and the late stage Eureka we had yesterday was a warning. As we found out last week one day's action can't tell us to much and the rally is certainly still intact, but it was not an encouraging day for the leaders. Jerry