Jerry Samet
09-25-2012, 07:03 PM
We had a pretty nasty day today with the major averages dropping in excess of one percent on the session. Volume increased across the board so there was distribution on all the major averages and they sold off into the close to finish at the lows of the day. Once again the market opened strong and closed weak, not a positive sign. Short term moving averages were broken today as all the indices broke their 10dma's and the COMPQ broke it's 21dma also. Leading stocks were hit also with the leaders index declining 1.35% on much higher and above average volume. The index also finished near it's intraday low and broke below the important 17dma. We had a Pheonix signal today and the weekly Coppock is showing distinct signs of curling. It appears something of a correction is starting, we will have to see how deep it will be. There will be no update tomorrow due to the holiday. Jerry