Jerry Samet
11-19-2013, 07:12 PM
The market opened higher today in what looked like a positive start. The major averages made their intraday highs in the first hour and spent the rest of the session selling off. It was similar to yesterday. Everything sold off into the close and the major averages finished at or near their lows of the day. The COMPQ lead the way down with a loss of .44% and the SPY lost .20%. Volume was mixed, slightly lower on the Nasd and up a bit on the New York. This increase in volume combined with a .20% decline amounts to distribution on the SPY, but IBD did not call one. The decline could have been .195%. Leading stocks had another rough day as the leaders index fell 2.49% on slightly lower but still above average volume. This is the second day in a row of ugly red candles in the chart and the index is now below it’s 9dma. It is hard to say the market isn’t looking good but it is hard to correct much when the Fed is printing $1 trillion a year. Betting against the market this year has hurt you, but a good degree of caution is probably wise. Jerry