Jerry Samet
01-14-2015, 07:36 PM
The market had a pretty bad session today. The major averages opened lower after a bad retail sales number and stayed down most of the day. A rally in the last couple of hours cut the losses and the major averages closed in the upper portions of their intraday ranges. The COMPQ finished lower by .48% and the SPX fell .58%. Volume was mixed, higher on the New York and lower on the Nasd. This produced another distribution day on the New York averages, three in a row now. This is negative. The New York averages also undercut their recent lows, another sign of weakness. Leading stocks sold off as well with the leaders index falling .64% on lower and below average volume. The index closed below the important 17dma and in the lower half of it’s intraday range. About the only good thing you can say about today’s action is that the market closed off it’s lows, and that isn’t much. I see no reason to be taking positions right now. Jerry