Jerry Samet
06-23-2012, 12:55 PM
The market snapped back yesterday after Thursday's big hit.The advance was much less than the previous decline. Volume increased considerably late but that was due to the Russell rebalancing. During the day volume was running less than the day before. The MEM remains at +1 because the COMPQ low was below the 21dma on Friday. Leading stocks rose also but the increase was less than half of Thursday's decline, although the leaders index did close in the upper half of the trading range. The rally remains under pressure and next week's trading will tell us a lot about whether it will fail or not. Jerry