Jerry Samet
07-23-2012, 11:21 PM
The market sold off hard today on more bad news from Europe. The major averages recovered much of the decline before but still closed down between .89% and 1.20% on the day. Volume was lower across the board so there was no distribution today. Leading stocks sold off a bit more than the overall market with the leaders index falling 1.38% on lower but about average volume. The index tagged it's 50dma again but rallied above that important support. It closed back below it's 17dma, which is a negative sign. The market is having trouble making any head way and meaningful gains among quality stocks are rare. We continue to be in a whip saw situation where making progress is tough. I believe that caution is the word of the day. Jerry