Jerry Samet
10-08-2012, 11:26 PM
The market was weak all day as the major averages never got into the green. They closed down between .30% and .76% in the lower part of their daily trading range. Volume was very light, but that was mainly due to the Columbus Day holiday. The COMPQ took the worst of it, mostly due to AAPL selling off more than 2% on heavy volume and breaking below it's 50dma. Leading stocks followed the market lower as the leaders index dropped .57% on low volume. The index tagged it's 9 and 17dma's today but closed above them. If the index can't hold these important moving averages after getting back above them it will be a very negative sign. The market continued to trade sideways as it has for the last few weeks. It has not given any real sell signals yet, but is looking increasingly tired. Jerry