Jerry Samet
12-20-2012, 10:57 PM
The market opened a bit lower today and after some early weakness rallied into the close to finish at the highs of the day on all the major averages. This is bullish action although it would have been more positive if volume was not lower across the board. The NYA and the RUT closed at new highs for the move. Leading stocks rose about in line with the overall market as the leaders index was up .46% on higher and above average volume. This is good action for the leaders even though few stocks are showing any meaningful gains. The futures are selling off hard, down about 1.5% as of this writing on news that the Republicans look like they will not get their “plan B” through the House. This is the event risk I have been talking about recently. The market will likely open pretty sharply lower. If it can rally back and produce a reversal that will be very positive. If not we could get a nasty distribution day. I will be away this weekend, the updates will resume on Monday, unless the world ends tomorrow and then there will be a further delay. Jerry