Jerry Samet
07-10-2012, 11:04 PM
The market had an ugly reversal today. After a strong opening the major averages sold off hard into the close. They all finished near their lows of the day with the COMPQ down 1% for the session. Volume was higher across the board so all the major averages had distribution days. Leading stocks got hit harder than the overall market as the leaders index fell 3.38% on very heavy volume. The index had the biggest red candle in the chart. Recent breakouts are not working with quality stocks like GNC and TDG breaking down. The major averages are at their respective 50dma's and the leaders index closed below it's 17dma. It certainly appears that this most recent rally attempt is failing. Jerry