Jerry Samet
06-07-2012, 11:54 PM
The market was strong early on news of possible stimulus from China, but was unable to hang on to those gains. After a good opening the major averages sold off and gave up all the early gains to close mostly lower on the day. Volume was lower and below average across the board. This is disappointing action considering yesterday's gains. Leading stocks did worse than the overall market with the leaders index declining .88% on much higher and above average volume. Today was the fourth day of a rally attempt and the reversal off the highs was not encouraging. We could get an FTD on news at any time, but the lack of leadership and the sloppy action of the major averages does not bode well for any sustained upside action. Jerry