Jerry Samet
12-25-2012, 11:57 AM
The market mostly sold off yesterday in a holiday shortened trading session. The major averages declined on average about a quarter of one percent on much lower volume, as would be expected on a half day of trading. The market gapped down on Friday after plan B failed but came back and even though it closed down with a distribution day across the board it finished at the highs of the day. This took some of the sting off the session. Leading stocks are holding up well as the 9dma of the leaders index held on Friday and the index was flat yesterday. The index is going sideways in a pretty tight range for the last few days and the RS line is in new high ground. The NYA met it’s recent high last week but was turned back. The current rally is being whipped around by events in Washington but is still holding up pretty well despite the fact that it isn’t making a lot of up side progress. We will have to see if the politicians can work out a deal in the next few days. I hope everyone has a very merry Christmas. Jerry