Jerry Samet
01-16-2013, 11:26 PM
The market was weak most of the day but ended up closing little changed. The COMPQ was higher today on a bounce in AAPL and on slightly lower volume. Volume was up a bit on the New York exchange and that combined with a .22% decline in the NYA produced a distribution day on this average. Leading stocks were mixed as the leaders index fell .66% on lower but still above average volume. The index has consolidated for five days now but is still holding the 9dma, which is a good sign. There are some early signs of the rally getting extended, such as the percent of NYSE stocks above the 200 dma hitting 80% and the percentage of investment advisors bullish over 50%, but the major averages and leading stocks are still acting ok so the long side is still the place to be. Jerry