Jerry Samet
11-11-2015, 11:31 PM
The market had something of an intraday reversal today. After opening a bit higher the major averages sold off, then rallied into about mid session. From there it was all down hill with the major averages finishing at their intraday lows. The COMPQ and the SPX were both lower by .32%. volume was lower across the board so there was no distribution on the day’s action. Leading stocks acted a bit better than the overall market again as the leaders index fell only .12% on the day. The index tagged only it’s 9dma today but held above this short term moving average. The relative strength line of the index remained above it’s 50dma, a good sign. The index has been consolidating for the last week as the major averages declined a bit. It is good when quality growth stocks are outperforming the overall market. The decline in the major averages in the last few days has been pretty orderly and not unexpected after a rally. It looks like the rally of the last few weeks remains intact. Jerry