Jerry Samet
03-03-2015, 11:08 PM
The market sold off today after yesterday’s advance. The major averages had small gap down at the open and were lower all day. The COMPQ led the way down with a loss of .56% while the SPX fell .45%. The SOX gave back almost all of yesterday’s gain by falling 1.94%. Volume was mixed, lower on the New York and higher on the Nasd. This produced a distribution day on the COMPQ, but with the drop off of older distribution the count is still a low two. All the major averages remain above their short term 10dma’s, so there hasn’t been any real damage done. Leading stocks sold off as well with the leaders index declining .86% on lower but still above average volume. This means there was no distribution in quality growth stocks. The index closed near it’s intraday high and while it tagged it’s short term 9dma it closed well above this important moving average. After the advance we have had in the last few weeks a pullback would not only be expected it would be healthy. As long as the major averages and leading stocks continue to hold up the rally will be on solid ground. Jerry