Jerry Samet
12-08-2012, 11:42 AM
The market continued it’s recent directionless action yesterday as the major averages were mixed again. The New York averages were up slightly and the Nasd continued down. Volume was lower across the board so there was no distribution. The COMPQ was turned back again at it’s 200dma while the SPX closed slightly above it’s 50dma. It would have been better if this had happened on strong volume. Leading stocks didn’t do much either as the leaders index rose a scant .14% on lower and well below average volume. It’s RS line continues to weaken. The current rally attempt is still stuck in neutral with little progress on the upside and no real breakdown. Recent breakouts are going nowhere so the opportunity to make money in the current environment is limited. Jerry