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View Full Version : Leaders Index 11-7-13



Jerry Samet
11-07-2013, 11:29 PM
The market got nailed today. The major averages opened higher but quickly sold off. They worked themselves lower all day and sold off into the close. All he major averages finished at their intraday lows with losses ranging between 1.32% on the SPY and 1.9% on the COMPQ. Volume was considerably higher across the board, producing distribution on all the major averages. This brings the distribution count to six on the COMPQ and four on the New York averages. This is a high level of distribution and IBD went to market under pressure. The MEM count went to zero and the model is in all cash with the buy switch off. Leading stocks were crushed as the leaders index fell 3.90% on higher and above average volume. There were only three stocks in the IBD 50 that were up. The index has broken below it’s 50dma for the first time since the rally began and appears to be broken. It looks like the soldiers have figured out that the generals have already gone home and are following suit. The rally certainly appears to be over and the leaders index has again done it’s job by providing warning in advance of any real damage in the market. With the Fed still printing money you never know if things will turn around again as they have previously this year, but things look pretty ugly now. Jerry

brrim
11-07-2013, 11:48 PM
Jerry; Your prose totally captured the flavor of the market.
Thank you for your hard work.
Best regards,
Robert