Jerry Samet
10-24-2012, 07:00 PM
The market tried to rally after yesterday's sell off but wasn't able to hold it. It bounced around before the Fed announcement and then was mostly weaker after. The major averages closed on the lows of the day and volume was mixed. Higher on the Nasd and slightly lower on the NYSE(according to esignal). This produced distribution on the COMPQ. Leading stocks generally held up better than the overall market. The leaders index rose 1.81% on strong volume. The was a lot of action under the surface as components of the index had strong moves in both directions. ALXN and IAC hot hit hard on heavy volume and PNRA, LL, and ASPS rose on strong trade. Overall the inability of the major averages to stage any real snap back after the strong sell off yesterday is negative. Jerry