Jerry Samet
12-05-2013, 10:34 PM
The market was weak all day today. It was up fractionally early then sold off the rest of the session. The NYA lead the way down with a loss of .48% while the COMPQ continued to show relative strength with a decline of .12%. Volume was lower across the board so there was no distribution on the day. Leading stocks again underperformed the overall market with the leaders index falling .92% on slightly lower and below average volume. The index closed below it’s important 17dma for the first time since the current index was created. We are still looking at a pretty sloppy market in terms of both the major averages and the leading stocks. Tomorrow’s employment report will set the tone for trading tomorrow, but the market should began rallying soon with some conviction or we could see lower prices ahead. A couple of recent breakouts to keep an eye on are LVS and GOGO. If these stocks falter the rally will likely be in trouble. I will be away this weekend. The updates will resume on Monday. Jerry