After trading mostly in negative territory for the bulk of the day the major averages staged a late rally and closed about unchanged on the session. The COMPQ finished with a gain of .02% while the SPX was higher by .08%. All the major averages finished at or very near their intraday trading highs. This is a sign that there was buying support late in the day. The most weakness was in the small and mid-cap stocks with the RUT and MID declining .43% and .38% respectively. The RUT is now below its 50dma. Volume was mixed, higher on the Nasd and slightly lower on the New York. There was no new distribution today. Leading stocks pretty much mirrored the overall market. The leaders index was higher by .07% and closed in about the middle of its trading range. The index closed below its short term 9dma for the first time since late January. Overall I think it was a somewhat negative session today. There were a lot more declining issues than advancing issues and the distribution in individual stocks continued. There has been little real damage done so far, but it does appear that some of the steam is out of the market. Jerry
Reply With Quote