Jerry Samet
05-23-2012, 11:48 PM
The market staged a pretty strong reversal today. After a sell off early in the day the major averages rallied into the close to finish at the highs of the day. Volume was mixed but was not particularly strong on either exchange. Leading stocks did better than the overall market as the leaders index rose 1.11% and closed above it's 9dma. Volume declined from yesterday and was slightly below average. The declining 10dma on the major averages is the first hurdle, but after a reversal like today it would not be surprising to see them rally close to their 50dma's before getting into trouble. Jerry