Jerry Samet
08-06-2014, 11:23 PM
The market tried to rally back today and didn’t get to far. After trying to gain ground early the major averages bounced around unchanged all day before closing virtually unchanged. The COMPQ was up by .05% while the SPY was completely flat. Volume was mixed on the session, slightly higher on the New York and a bit lower on the Nasd. The major averages continued to live below their 50dma’s and closed in the lower half of their intraday ranges. Leading stocks were generally down a bit more than the over all market. The leaders index was off by .14 on volume that was flat and slightly above average. The index tagged the 50dma on the upside but couldn’t close above it. The index has now traded below the 50dma for five days now and the 9dma is about to break below the 50dma. All the major averages are below their 50dma’s and the small caps are below their 200dma’s. Short tern moving averages are about to break below he longer term moving averages, a sign of real weakness. The picture is darkening by the day and unless some news comes out to give the markets a kick it appears lower prices are ahead. Jerry