Jerry Samet
05-03-2012, 11:24 PM
The market had a very negative day today as the major averages all sold off and finished near the lows of the day. Volume increased across the board producing distribution days on all the major averages. Distribution is adding up and IBD went to market under pressure. The MEM also lost two points as the Nasd Composite broke below both the 21dma and the 50dma. It now stands at +1. The SPX is just above it's 50dma but all the other major averages are below theirs. Leading stocks had a pretty rocky day and most sold off. VRX had an early buyable gap up that reversed hard into a 9% loss. The leaders index held up fairly well, but much of this was due to LQDT. The index fell only .14%, much less than the overall market. The upturn that was kicked off when AAPL reported earnings is in trouble. Tomorrow's employment report will set the tone for the day's trading. Jerry