Jerry Samet
07-16-2012, 11:20 PM
The market had a generally down day today although it did finish off it's lows. The major averages closed down between a quarter to a half percent. Volume was mixed, down on the NYSE and higher on the Nasd. This produced another distribution day on the Nasd. The MEM count went down to zero. This combined with a full distribution count turned the buy switch off. Leading stocks declined a bit more than the overall market with the leaders index down .98% on very low volume. The index is trading between it's 17dma and it's 50dma. The 9dma is also about to break below the 17dma, a real sign of weakness. We have not been able to make any progress and the market has not really broken down yet, but the recent weakness and poor action of leading stocks would hint at the market breaking lower. Jerry