Jerry Samet
08-28-2013, 06:51 PM
The market bounced today after yesterday’s sell off. The major averages were up between .23% on the NYA and .41% on the COMPQ. Volume was down considerably across the board and and they finished in the middle or lower half of their intraday ranges. This is not particularly impressive action. Leading stocks bounced along with the overall market. The leaders index was higher by .91%. Volume was much lower than yesterday and about average. The index remains below it’s important 17dma and tagged the 50dma again. Looking at the quality of the bounce after a sell off is important, and today’s action does not inspire a lot of confidence. There has to be strong upside action soon or we will likely see lower prices. I will be away until Labor Day. The updates will resume then. Jerry