The market put in another uninspiring performance today. After opening higher the major averages lost the gains and went into negative territory. Late buying allowed the major averages to close in positive territory and in the upper half of their intraday trading ranges. The Nasd averages were a little stronger with the COMPQ and the NDX higher by .27% and .40% respectively. The SPX gained .21%. Volume was lower across the board. Leading stocks were higher as well with the leaders index gaining 1.59% and closing in the upper half of its trading range. Volume was lower but still slightly above average. The action today was not particularly encouraging. There was some late buying that took the major average into positive territory, but the lower volume shows that large institutional players were not active today. The leaders index continues to go sideways and remains below all its short term moving averages. About the only good thing is that the major averages are holding above their 200dma support levels. The market appears that it wants to continue lower. Jerry
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