Jerry Samet
08-08-2012, 11:13 PM
The market spent the day today digesting recent gains. After bouncing from slightly up to slightly down all day the major averages closed little changed on the day. Volume declined across the board so there was little conviction in either direction. Leading stocks had a slight downward bias as the leaders index declined .39% on higher but still well below average volume. This remains a fairly modest rally attempt with little in the way of really strong leadership. The major averages held above recent round number resistance levels and must continue to do so for the rally to succeed, but it really isn't lighting any fires on the up side. Jerry