Jerry Samet
11-05-2012, 11:01 PM
The market was lower to unchanged most of the day before a late rally led to slight gains for the session. The major averages closed up fractionally for the New York averages and up .59% for the COMPQ. They closed near their highs of the day. Volume was lower across the board as people wait for tomorrow's election. Leading stocks were up a bit more than the overall market with the leaders index rising .72% on lower and about average volume. The index closed in the upper half of it's trading range. The COMPQ bounced off it's 200dma again and has now spent almost two weeks there. If it keeps testing this important moving average without a good bounce off it the result will likely be a break. The New York averages are living below their 50dma's and must break above them to get anything going. Tomorrow will probably be quiet also, but Wednesday could be interesting. Jerry