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Jerry Samet
11-10-2011, 12:39 AM
The market got hit hard today after the Italian bond market started to blow out and spreads went to Eurozone highs. The major averages dropped between 3.5% and 4.15% on very heavy volume and closed at the lows of the day. All the major averages are now back below their 200dma's. Volume was very heavy as it was both higher than yesterday and above average. This shows that there was some real conviction in the selling today. Leading stocks did a bit better than the overall market with the leaders index falling 2.81% also on very heavy volume. It broke below recent lows and is in the bottom portion of its recent trading range. Events in Europe continue to dominate the market and it sure looks like things are getting worse there. We now have five distribution days on the Nasd and the recent rally may be in trouble. Jerry