Jerry Samet
01-24-2013, 06:52 PM
The market held up pretty well early despite the drag from AAPL on the Nasd averages. A pretty good rally developed with decent gains on the major averages with even the COMPQ getting close to even at one point. Late weakness caused most of these gains to be lost and all the major averages closed near their lows of the day. Volume was higher across the board. This along with a .74% decline in the COMPQ produced a distribution day on this average. Leading stocks were positive on the day as the leaders index rose .60% on both heavier and above average volume. The index did however close in the lower half of it’s trading range. The were new breakouts today in quality stocks such as LL and RAX. There are some general signs of a mature rally, like the investors intelligence numbers showing 53% bulls and 22% bears. In addition the percentage of NYSE stocks over their 200dma’s is 83%, a high number. These are secondary indicators to the action of the major averages and leading stocks, which are still good, but they say that we are probably closer to the end of this rally then we are to the start. Jerry