The market put in another wild session today. After a strong open the major averages produced solid gains. The major averages made their highs in the first hour of trading and it was mostly lower from there. After declining to some real losses the market rallied only to decline into the close. When it was done the market finished little changed. The Nasd averages were a little stronger with the COMPQ and the NDX higher by .16% and .32% respectively. The SPX was off by only .04%. The major averages all closed low in their intraday trading ranges, showing little buying interest. Volume was lower across the board. Leading stocks were generally higher with the leaders index gaining .38% on the session. The index closed low in its trading range and volume was lower and below average. The market traded all over the place today. It produced solid gains followed by real losses before it closed about where it started. The market again had a strong open that didn’t hold, not what you want to see. The leaders index traded above its 17dma but couldn’t hold this important resistance level. The declining 50dma’s are ruling the patterns of the major average and the picture can’t really improve until they are overcome, hopefully with volume. Anything can happen in the market, but right now there isn’t much encouraging out there. Jerry
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