Jerry Samet
05-02-2012, 10:52 PM
After strong action last week that produced an FTD on the New York averages the market started the day weak with all the major averages selling off at the opening. The lows of the day were reached early and the market spent the rest of the day rallying to cut it's losses. The Nasd closed positive on the day. Volume was down slightly on the but increased a bit on the New York. This produced distribution days on the SPY and NYA. Leading stocks did better than the overall market as the leaders index rose 1.59% on lower and slightly below average volume. This is a new high for the index on both a price and a RS basis. The market is working it's way higher with quality stocks leading the way. Jerry