Jerry Samet
12-13-2012, 10:57 PM
The market started off a bit higher today then spent the rest of the day selling off. The major averages fell between .51% on the NYA and .72% on the COMPQ. Volume was mixed, higher on the Nasd and lower on the New York. This produced a distribution day on the COMPQ. Leading stocks sold off more than the overall market with the leaders index falling 1.52% on lower and below average volume. The index closed right on it’s 9dma and tagged the 17dma. Quality stocks are really going nowhere and recent breakouts are either failing or not producing worth while gains. The COMPQ is now back below it’s 50dma and is right on it’s 200dma. We are very close to a death cross on this average. The market is getting nothing from the Fed’s latest round of money printing and while a deal on the fiscal cliff could bring a bounce it is hard to see what would cause a real advance. Jerry