Jerry Samet
01-23-2013, 10:04 PM
The major averages had a generally positive session today as they were between flat on the NYA and up .33% on the COMPQ. Much of that was because of good earnings reports after the close yesterday from GOOG and a couple of others. Volume was lower across the board. Under the surface the picture was a bit different as the market internals on both exchanges were negative. Leading stocks were also a little weak today as the leaders index fell .48% on lower and slightly below average volume. The index remains above it’s 9dma and thus is acting well. There will be a sell off early tomorrow, particularly in the COMPQ and NDX as AAPL disappointed in it’s earnings report after the close. The last trade in AAPL in after market trading was 463, almost a 10% decline from today’s close. The market will decline at the open, but it will be important to see how it closes. If it can recover most or all of it’s losses by the close that would be a very positive sign for the rally. Jerry