Jerry Samet
09-11-2012, 01:08 AM
The market pulled back today on lighter volume. All the major averages sold off near the close and finished near their lows of the day. They do however remain above all the important moving averages and well above the pivot points of their recent cup and handle breakouts. Leading stocks sold off harder than the overall market as the leaders index declined 1.07% on lower but still above average volume. There were only ten stocks in the IBD 50 that rose on the day. There was no distribution today in any of the major averages or the leaders index and the pull back of the last couple of days looks pretty orderly. Jerry