The market spent most of the session in a mild downtrend. The COMPQ closed flat with a decline of .02% while the SPX lost .19%. The weakest sectors were the small caps and the semiconductors as the RUT and the SOX declined 1.18% and 1.74% respectively. All the major averages closed at or very near their intraday trading lows. Volume was higher across the board and above average on both exchanges. The SPX was lower only .19%, just below the threshold for a distribution day so the count remains the same. Leading stocks were lower as well with the leaders index declining .30% on higher and above average volume. This showed distribution on the leaders index. Overall the action of the market today wasn’t too bad. After the advances we saw this week something of a pullback is to be expected and even healthy. The decline today was minimal and did very little damage. It would have been better if volume was lower, but that isn’t too bad as long as it doesn’t persist. The uptrend appears to be intact. Jerry
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