Jerry Samet
04-18-2013, 11:35 PM
The market had another tough day today as the major averages continued their decline. They fell between .30% on the NYA and 1.20% on the COMPQ. Volume was lower across the board so the selling was not as intense as it was yesterday, but it was still pretty strong. The SPY joined the other major averages below their 50dma’s and the others sunk further below this important moving average. Leading stocks again were hit harder than the overall market as the leaders index dropped 1.25% on about flat and average volume. The index traded below it’s 50dma but closed off the lows and right on the moving average. There were only seven stocks in the IBD 50 that were up on the day. Market internals were weak and the correction deepened. It would appear that lower prices are ahead. Jerry