Jerry Samet
05-30-2013, 11:01 PM
The market opened strong today and rose a good portion of the session before selling off into the close to and giving up the majority of it’s gains. The COMPQ closed just in the upper half of it’s intraday range while the New York averages finished near the bottom of theirs. Volume was not impressive, about flat on the Nasd and lower on the New York. Leading stocks were also higher on the day but not up as much as the overall market. The leaders index rose .51% on lower and well below average volume. The index remains under it’s 17dma and is in danger of living there. There was little conviction in today’s rally in either the major averages or quality stocks. As I said yesterday the character of the rally seems to have changed. We are not getting the powerful up moves we saw earlier in the rally and everything seems to be struggling. New positions should be taken cautiously or not at all until real conviction returns, if it does. Jerry