Jerry Samet
05-15-2012, 10:54 PM
The market was higher early but couldn't hold the gains. It continued it's recent pattern of weak closes as the major averages all finished at or near the lows of the day. They took out the lows of yesterday so we are still at a zero rally count. The NYA touched the 200dma today before closing just above this important support level. Volume increased across the board so there was distribution on all the major averages, showing that big players were selling. Leading stocks were mixed but leaned mostly to the down side. The leaders index declined .25% on higher but below average volume and closed below it's 50dma for the second day. The market has sold off and is unable to stage any kind of snap back rally. This is negative and while we could bounce at any time it looks like lower prices are ahead. Jerry