Jerry Samet
07-07-2012, 11:56 AM
The market took a hit on Friday on the weaker than expected employment report. All the gains from last week were wiped out and the major averages have gained virtually nothing since the FTD of the Friday before. Volume was mixed, higher on the Nasd and lower on the NYSE. This produced a distribution day on the COMPQ, it was the first in the market pulse and the third for the MEM because the buy switch never turned off and distribution was not cleared. The weekly Coppock did not signal so we have the recent FTD is still confirmed only by the %E's. Leading stocks held up fairly well as the leaders index fell only .83%, less than the overall market. The index tagged it's 9dma but held above it on the late rally. The RS line of the index set a new high. We did not make any real progress last week and things could go either way from here. The leaders index should stay above it's 17dma and the major averages should hold their 50dma's, which are not far below current levels. Jerry