Jerry Samet
04-12-2012, 11:15 PM
The market had a strong rally today with the major averages up on average about 1.4%. Volume was again the issue as it declined across the board and was well below average. The SPY regained it's 50dma which is a good sign. Leading stocks had a good day as a lot had solid advances on volume. In addition there were new breakouts, such as TSCO. The leaders index rose 1.47% on higher but slightly below average volume. The index came right back to it's 17dma but could not get above it. The index's action at this now resistance level will be important. If the leaders index can break above this important moving average it will be a big positive for the market. Volume on up days remains the big question mark at the moment. We must see more accumulation for the market to get back on track. Jerry