Jerry Samet
06-20-2012, 11:26 PM
The market bounced around unchanged while anticipating the Fed announcement today. When the word came that they were extending operation twist the market sold off and then rallied back. When all was said and done the major averages closed about where they started. Volume was down across the board so there was no real strong reaction to the news. Leading stocks were generally somewhat lower on the day but there was no real damage done. I have put together a new leaders index for this rally. It should give us a view of what recent breakouts and strong stocks are doing. It contains 22 stocks in 19 different industry groups. It was down slightly on the day after setting new highs on both a price and RS basis yesterday. The market seems to have rallied in anticipation of the Fed announcement and did nothing today. While few stocks are lighting any fires, the current rally attempt looks intact. Jerry