The market put in another overall disappointing performance yesterday. After opening slightly higher the major averages sold off for most of the remainder of the session. A little late strength saw them finish off their lows. The Nasd averages finished in the lower half of their trading ranges while the New York averages closed in about the middle of theirs. The Nasd averages were the weakest with the COMPQ and the NDX losing .60% each. The SPX was higher by .05%. Volume was lower across the board. It fell 5.92% on the Nasd and 11.43% on the New York. Leading stocks were pretty much flat with the leaders index lower by just .14%. The index closed low in its trading range and volume was lower and below average. The index continued to trade below its 17dma but is staying above its 50dma. The market continued its overall negative action yesterday. The COMPQ broke below its 50dma, rallied back above it earlier in the week then went back below it yesterday. This usually means the index will go lower. The SOX is doing the same thing. Right now the New York averages are holding above this important moving average. The rally appears to be in a lot of trouble right now, and the weight of the evidence points to lower prices ahead. Jerry
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