Jerry Samet
07-09-2012, 11:29 PM
The market was lower all day today in what looked like might turn into a pretty negative day. A late rally erased much of the losses and the major averages closed near their highs of the day. Volume was slightly higher across the board, but only the NYA got a distribution day because the late rally brought the other averages to a loss of less than the .20% required. Leading stocks did better than the overall market as the leaders index rose by .74% on the day, setting a new high on a RS basis for the index. The index had a lot of diverse action under the surface as HCII rose 7.11% and QCOR was up 14.75% on the day. At the same time N dropped 4.77% and FIRE was down 5.04% for the trading session. Neither the major averages of the leaders index have made much progress since the last FTD and the rally, while on track, seems fragile. Jerry