Jerry Samet
05-16-2012, 11:14 PM
The market got off to a strong start today and looked like it was going to try to stage a rebound rally. Not long after the opening all the major averages started selling off and gave back the early gains. The selling continued into the close and all the major averages finished at the lows of the day for the fourth day in a row. Volume was higher across the board so there was distribution on all the major averages, showing that large investors were selling stocks. The NYA closed below it's 200dma, a sign of a very weak market. Leading stocks did better than the overall market but still weren't strong. The leaders index closed up .18% on higher but still below average volume. The correction continues to deepen and although there could be a counter trend rally at any time, it looks like lower prices are ahead. Jerry