Jerry Samet
09-24-2012, 11:07 PM
The market struggled today with the major averages down from the open. They managed to rally off their lows but still closed with losses on the day. Volume was down across the board as you would expect after Friday's expiration and rebalancing so there was no distribution on the session. Leading stock had a hard day also with the leaders index declining 1.41% on the day on much lower and below average volume. Leaders are struggling also as the index closed below it's 9dma for the first time in two weeks and has tagged the 17dma for the fifth time in the last nine sessions. The RS line has been flat since it set a high almost three weeks ago. We are a bit overbought and will see if the market continues to go side ways to work it off or has at least a minor correction. Jerry