Jerry Samet
12-16-2012, 11:29 AM
The market was down all day on Friday and the major averages closed weak and near the lows of the day. Volume was mixed, slightly lower on the Nasd and a bit higher on the NYSE. Leading stocks were flat to slightly lower with the leaders index off .05% on lower and well below average volume. The index traded below the important 17dma but ended slightly above this moving average. The COMPQ closed back below it’s 200dma which is a real sign of weakness and the 50dma is about to break below the 200dma, the death cross. The market has not really broken down yet, which would end this rally attempt, but things are looking pretty weak. Jerry