Jerry Samet
12-04-2013, 11:06 PM
After selling off early, then rallying back the market couldn’t hold those gains and finished mostly lower. The New York averages closed lower while the Nasd averages finished with fractional gains. Volume was higher across the board so the NYA, which closed down .22% had a distribution day. All the other major averages avoided one. After volatile action all the major averages closed in the upper half of their trading ranges, a positive sign. Leading stocks sold off on the session with the leaders index declining .91% on lower and well below average volume. The index again held it’s important 17dma, although it traded below it intraday. This is a very tough market. Neither the major averages or the leaders index have broken any important support levels and are thus still in up trends. It is however very difficult to make any real progress trading. This is the kind of market where you can get hit with a lot of small losses that can add up quickly. Sometimes the beach can be a lot less frustrating. Jerry