Jerry Samet
03-22-2013, 12:48 AM
The market sold off pretty hard today. After a weak opening the major averages tried to rally but failed and sold off into the close to finish near the lows of the day. The all gave back their 10dma’s but remain above their 21dma’s. The COMPQ took the worst hit, declining .97%. Volume was mixed, higher on the Nasd and lower on the NYSE. This produced another distribution day for the COMPQ. Leading stocks sold off slightly less than the overall market with the leaders index declining .74% on higher but slightly below average volume. It held just above it’s 9dma. While both the major averages and the leaders index are not that far off their highs both are acting more sloppy. Distribution is building and the weekly Coppock is curling over. It has not issued a sell signal yet but barring a good rally in the next few days it likely will next week. The added distribution and a weakening Coppock are grounds for real concern and my level of caution is increasing. Jerry