Jerry Samet
07-29-2013, 11:21 PM
The market opened weak today and was lower the entire session. The decline was fairly muted and the major averages closed with losses ranging between .37% on the SPY and .50% on the NYA. They closed near their lows of the day and volume was mixed, lower on the Nasd and slightly higher on the New York. This was enough to produce distribution days on all the New York averages. Leading stocks declined about in line with the overall market as the leaders index fell .58% on higher and slightly above average volume. Both the major averages and quality stocks are consolidating recent gains in a pretty orderly fashion. The leaders index is in the third week of a good three weeks tight pattern and if it closes the week near where it is now the pattern will be complete. The distribution count is getting a little high, but other than that the rally seems to be intact and if the market can break above it’s recent consolidation it will likely head higher. Jerry