Jerry Samet
03-07-2012, 10:50 PM
The market rallied back up today and reclaimed about half of yesterday's losses. The major averages all closed near their intraday highs, but volume was very disappointing. It declined across the board showing very little conviction in the bounce. You want to see a strong rally after a big sell off or else there is little chance it will hold. Leading stocks did better than the overall market with the leaders index rising 1.5% on higher and well above average volume. The RS line of the index also set a new high. If this rally is to continue we will have to see more power in the rally days, other wise we are likely to head lower. Jerry