Jerry Samet
03-21-2012, 11:29 PM
The market traded around unchanged all day and again closed about where it started. A late sell off caused the major averages to close near their lows of the day. Volume increased slightly across the board which produced a distribution day on the NYA and a stalling day on the Nasd. Leading stocks outperformed the overall market with the leaders index rising .60% on lower volume. The index set a new high for the rally and it's RS line confirmed the price move. There were new breakouts today, such as LNKD, and several other recent breakouts went on to new highs. Except for the NYA, which has been the laggard of the major averages lately the distribution count remains modest and the MEM count went to +6, a very strong reading. There are some secondary indicators that look a bit weak, but the primary measures of the health of the rally, the price and volume action of the major averages and the leading stocks remains solid. Jerry