Jerry Samet
10-10-2012, 06:59 PM
The market got hit hard again today with the major averages down between .43% and .62% on the day. They all closed at or near the lows of the session. Volume was mixed, a little lower on the New York(according to esignal) and higher on the Nasd. That produced a distribution day for the COMPQ and brought the count on that average to five. Leading stocks declined a bit less than the overall market with the leaders index declining .31% on slightly lower volume. It spent another day below the 9 and 17dma's and tagged the 50dma. The index already looks broken but breaking below the 50dma will be the final nail. The MEM count dropped to three and more sell signals look close. IBD went to market in correction today. It looks like the rally is finished. Jerry