The market was lower again today with the major averages lower for almost the entire session. The SPX was off by .22% and the COMPQ dropped .19%. Both closed in the lower half of their intraday trading ranges. The SPX moved further below it’s 50dma while the COMPQ remains above this important moving average. Volume was slightly higher across the board, so the was distribution on the New York averages, but the COMPQ missed a distribution day by a fraction. Leading stocks were mixed, but the leaders index had a generally positive session. The index rallied by 1.16% and closed in the upper half of it’s intraday range. This produced new highs on both a price and a relative strength basis. Volume was lower on the day and well below average. The index has rallied the last few days on successively lower volume. The index is starting to take on a bit of a wedging look with the price going up on lower volume. Three stocks accounted for much of the increase in the index, SKX, REGN and CBM. It remains a very difficult market environment. For every stock that produces even modest gains two or three others roll over. Unless your stock picking is flawless you will be lucky to even break even. The beach looks pretty good right now. jerry
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