Jerry Samet
11-03-2012, 12:14 PM
The market started higher yesterday in a continuation of Thursday's advance. That quickly changed as the major averages reversed and sold off hard , finishing the session at the lows of the day with losses averaging just over one percent. Volume was lower across the board but above average. Leading stocks did worse than the overall market with the leaders index declining 2.43% on lower but still above average volume. The early rally in the index failed at the 17dma and the big red candle is certainly a negative sign. The COMPQ sold off back to it's 200dma while the New York averages failed to reclaim their 50dma's. If the averages can't hold these important moving averages we will likely see lower prices ahead. Jerry