Jerry Samet
08-22-2012, 07:13 PM
The market continued yesterday's late sell off by dropping early. It was lower most of the day until a late rally erased most of the losses and the COMPQ and SPX finished slightly higher on the day. Volume was down across the board so there was little conviction in the day's action. Leading stocks were a bit weaker than the overall market with the leaders index declining .36% on lower volume. The index is going sideways after attempting to break into new high ground on Monday. It dipped below the 17dma but finished right on the 9dma. The market continues to slowly grind it's way higher and so far only yesterday's reversal is any sign of weakness. Cautiously long seems to be the best strategy for now. Jerry