Jerry Samet
04-21-2012, 11:48 AM
The market opened strong yesterday but could not hold on to the gains. The major averages sold off the rest of the day and the Nasd averages closed down on the day. All the major averages closed at their lows of the day. Volume was mixed, higher on the New York and lower on the Nasd. This prevented a distribution day on the over the counter market. Leading stocks were down slightly as the leaders index declined .13% on very high volume. Top leaders such as AAPL and PCLN both declined, and even CMG, which has been one of the best and most stable leaders of this rally fell hard on heavy volume after a solid earnings report. We remain in a kind of no man's land where the market is showing clear signs of trouble but has not really broken down yet. The market's action in the next week or two should show us more about where we are going. I will be away next week and the updates will resume when I return. Jerry