Jerry Samet
09-08-2012, 11:17 AM
The employment report came out before the opening and the results were disappointing. After the run we have had in recent weeks and the strong breakout on Thursday the market could be expected to take a hit, but it didn't. It held it's ground all day and rallied into the close to finish in positive territory and at the highs of the day. How a market reacts to news is more important than the news itself, and this market reacted well to bad news. Leading stocks underperformed the overall market as the leaders index declined .75% on higher and above average volume. The index however remains near it's highs and there has been a strong list of quality stocks breaking out in recent days. More importantly, these breakouts are working as the stocks are holding their pivot points and moving higher. Overall the rally looks like it is on solid ground and the long side is the place to be. Jerry