Jerry Samet
09-28-2013, 12:18 PM
The market had a weak day yesterday. It opened lower and was down the entire session. The major averages closed off their lows but had losses ranging from .2% for the COMPQ and .4% for the SPY. Volume was mixed, rising on the New York and lower on the Nasd. This, along with the price declines produced a distribution day on the New York averages. Leading stocks were mixed as well. A couple of stocks broke out yesterday, like CELG and MELI, while others broke down. The leaders index fell .67% on lower and about average volume. The index is still bouncing along it’s 9dma so no real damage has been done. The leaders index and the COMPQ are both holding in a consolidation fairly well, while the New York averages are showing more weakness. Weather it is because of a possible government shut down next week of some other reason, the market is struggling here. Distribution days are still moderate but any more here will be a problem. We need some positive action pretty quickly to improve the picture and if we don’t get it the outlook will darken. Jerry