Jerry Samet
09-25-2013, 07:08 PM
The market started about flat today and after struggling to gain ground sold off late and finished near the lows of the day. The major averages closed off ranging from .17% on the NYA to .40% on the Dow. Volume was mixed, down slightly on the New York and up slightly on the Nasd(according to esignal). The New York averages avoided a distribution day and the COMPQ declined .19% on higher volume. Weather today will be called a distribution day on the COMPQ by IBD we will have to wait and see. Leading stocks outperformed the overall market with the leaders index rising .31% on lighter but slightly above average volume. The index remains in it’s recent consolidation and is bouncing along it’s 9dma. It’s RS line is in new high ground, showing quality stocks are doing better than the overall market, a good sign. The New York averages are leading the way lower and the DOW closed below it’s 50dma today. So far it appears to be an orderly consolidation and retracement of recent gains. The outlook remains positive. Jerry