Jerry Samet
02-04-2013, 10:48 PM
The market opened lower and declined the rest of the day. A late decline caused the major averages to close at their lows of the session with losses of between 1.15% on the SPY and 1.51% on the COMPQ. Volume was lower across the board so all the markets avoided distribution. Leading stocks had a pretty bad day as well as the leaders index declined .81% on lower and about average volume. The index is now living below it’s 17dma. Only ten stocks in the IBD 50 were up today so the selling was broad based. All the major averages finished below their 10dma’s and gave back all of Friday’s gains. The market is acting pretty ragged and both the major averages and leading stocks are struggling. Caution is advisable. Jerry