Jerry Samet
10-17-2012, 11:05 PM
The market opened lower after disappointing earnings reports from INTC and IBM. After a couple of good days it would not be unexpected for the major averages to pull back a bit, especially after weak numbers from major stocks. After early losses the market worked it's way higher and the major averages finished near their highs of the day on stronger volume across the board. They also continued to move further above important moving averages. Leading stocks didn't do as well. The leaders index fell 1.06% on higher and above average volume. Two of the index components, ALGN and MLNX got hit hard on heavy volume and influenced the index. They will likely do so again tomorrow as both are down a lot after hours on earnings reports. The tone of the market appears mixed and we need some solid up days with quality stocks leading the way. Tomorrow will be the first day we can get an FTD. Jerry