Jerry Samet
10-31-2013, 07:39 PM
The market opened lower and after a mid day rally attempt sold off again. The major averages finished with losses ranging from .28% on the COMPQ to .44% on the NYA. They all closed at the lows of the day. Volume was much higher across the board, so there was distribution on all the major averages. Leading stocks were lower early but many traded up off their lows. The leaders index finished up .63% on very high volume. Most of the volume increase was a result of very high trading volume in FB and OCN. The index tagged it’s 50dma for the first time before closing above it. The 50dma is the level where the index is considered broken. Both leading stocks and the major averages continue to trade in a sloppy manor. The A’s minus E’s also turned down today, showing increased distribution in all stocks in the market. The overall situation continues to deteriorate and it looks like we will see lower prices ahead. I hope everyone has a happy Halloween. Jerry