Jerry Samet
01-08-2013, 11:38 PM
The market opened lower and was in the red all day. The major averages all closed off the lows of the day and in the upper half of their trading ranges. This took a bit of the sting out of the fact that volume was higher across the board and there was distribution on all the major averages. Leading stocks again outperformed the overall market with the leaders index flat on the session with a loss of .09%. Volume was much higher than yesterday and well above average, mostly due to DDD and CELG. The RS line of the index set another new high. For the second day in a row the opening and close were almost the same and the next move out of this range will tell us a lot about the future direction of leading stocks. The market continues to act in a pretty orderly fashion despite today’s distribution and the major averages are holding their recent gap ups. . We look like we are on solid ground now and although distribution is starting to build the major averages and leading stocks are saying to be in the market. Jerry