Jerry Samet
08-23-2012, 11:32 PM
The market was weak all day with the major averages finishing near the lows of the day, off between .68% and .81% for the session. We followed the Asian and European markets lower. Volume was the only bright spot today, it was lower across the board, so we avoided a distribution day on all the major averages. Leading stocks were off a bit less than the overall market as the leaders index fell .54% on almost non existent volume. There haven't been many real sell signals out of the market yet, but the action is starting to look a little sloppy. Any rally this late in a cycle should be treated with a bit of caution and while the long side is still the place to be, dancing near the exits isn't a bad idea. I will be away for a few days, the updates will resume later next week. Jerry