Jerry Samet
10-03-2012, 07:03 PM
The market rallied early and then again lost most of it's gains before a late rally let the major averages close with gains and near the intraday highs. Volume was higher across the board. The major averages closed above their 10dma's but have not broken above the recent pull back. Leading stocks did better than the overall market with the leaders index rising 2.37%. The volume was lower than yesterday and well below average. A lot of the increase was due to a large gain in ASPS, but several other components of the index also had solid gains. The index is now back above it's 9 and 17dma's, but you would have liked to see it on higher volume. Today's action did little to resolve the recent indecision patterns in either the major averages or the leaders index. Perhaps the debate tonight or the employment report on Friday will move the market. Jerry