We had a bit of a mixed market yesterday. The New York averages held up while the Nasd averages sold off a bit. The major averages opened lower and bounced around most of the day. The New York averages finished high in their intraday trading ranges while the Nasd averages closed low in their trading ranges. The SPX showed a slight gain of .06% and the COMPQ and the NDX lost.87% and 1.13% respectively. Volume was mixed. It fell 3.59% on the New York and rose 3.36% on the Nasd. That combined with the price decline was enough to produce a new distribution day on the Nasd averages. Leading stocks sold off with the leaders index falling 1.91% on higher but below average volume. The index closed in the lower half of its trading range, but closed right on its short term 9dma support level. The large cap tech stocks took a break yesterday and that caused the Nasd averages to sell off a bit. The declines were pretty moderate and did little real damage. The charts of the leaders index and the major averages still look good and the overall distribution count is moderate. After a recent sizable advance the Nasd averages were due for a rest and they took one yesterday. The declined were pretty moderate and right now are not a cause for any real concern. Leading stocks sold off a bit but held important support so right now the rally appears to remain on solid ground. We should see higher prices ahead. Jerry
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