Jerry Samet
07-17-2012, 11:25 PM
The market had a pretty positive day today. The major averages were all up between a half and three quarters if one percent. Volume climbed across the board and all indices closed at their highs of the day. We were up all day except for a brief period right after Bernanke spoke. Leading stocks generally underperformed the overall market as the leaders index was flat with a .08% rise. The index is living between it's 17dma and it's 50dma. The 9dma has now clearly broken below the 17dma. The market is not breaking down and is also not making any meaningful progress. We remain in generally a back and forth situation that is tough to make money in. Jerry