Jerry Samet
05-17-2012, 10:47 PM
The market had a pretty ugly sell off today. It was down from the open and declined all day to finish at the lows of the day again. This is becoming a pattern and we now have four days in a row of weak closes on ever increasing volume. Today's volume was higher across the board so there was distribution again on all the major averages. Some serious players are selling stock. Leading stocks got killed today as shown by the leaders index. It declined 4.52% on the highest volume in weeks. The decline was evenly spread out among the stocks in the index and virtually all are broken now. The COMPQ is now more than 10% below it's high and we are into intermediate correction territory. We are oversold and due for some kind of bounce, but prices certainly look like they are headed lower. I will be away for a few days so the reports will resume on Tuesday. Jerry