Jerry Samet
06-15-2011, 12:21 AM
The market had a rebound today with price gains of between 1% and 1.5% on the major averages.Volume was not impressive, flat on the NYSE and lower on the Nasd. The leaders rose 2.64% out pacing the major averages on lower and below average volume. Today was the first day of a rally attempt and the quality of of this bounce will tell a lot about the future direction of the market. Today was not to impressive due to the lack of volume. The major averages could rally back to their 50dma's. How they deal with the resistance provided by the important moving averages will be instructive. Jerry