Jerry Samet
08-12-2012, 01:02 PM
It was another quiet day as the market continued to consolidate recent gains. The major averages ended on a positive note as late strength allowed them to finish at the highs of the day. Volume was down across the board and was well below average as you would expect on a Friday in late summer. Leading stocks continued to follow the lead of the market as the leaders index lost.43% on very light volume. It continues to stay just above it's 9dma. We will have to see which way the market and leaders break, but we may have to wait until after Labor Day if things don't pick up. Leadership in this rally is pretty thin and the major averages are slightly outperforming quality stocks, not exactly what you want to see. Until things break one way or the other we won't know if this rally will succeed. Jerry