Jerry Samet
02-27-2012, 10:57 PM
The market opened weak today as the major averages were off almost 1% quickly, but soon recovered. Within two hours the market had recovered all it's losses and was flat on the day. The market then went on to produce some modest gains before finishing about unchanged on the session. Volume was higher across the board and the major averages closed near their highs and above their respective 10dma's. This rebound shows that there is quite a bit of support under the current market. Leading stocks also held up well and finished near their intraday highs. The leaders index was flat, declining .04% on higher volume. After trading below it's 9dma it recovered to close above this important support even though INVN declined over 10% on the day. The leadership and the major averages continue to act well and the long side is still the place to be. Jerry