Jerry Samet
07-31-2012, 10:54 PM
The market bounced around all day with a slight downward bias today. A late sell off took the major averages to their lows of the day where they finished. They closed down between .21% and .60% for the session. Volume was higher across the board so there was distribution on all the averages. They are holding up fairly well after the large two day advance of last Thursday and Friday. On the other hand today's action was distribution on the third day after an FTD. Distribution that early in a rally attempt is not a positive sign. Leading stocks did a little worse than the overall market as the leaders index fell 1.02% on higher and above average volume. The index got pretty extended after last weeks run as can be seen in the hi jump chart I have included.The leaders got to bit to far above their 9, 17, 50, and 200dma's and will likely need a little time to let these important moving averages catch up to the price. Jerry