The market took a break today and corrected a bit. After opening a little higher the major averages worked their way lower for most of the remainder of the session. All the major averages finished near the bottom of their intraday trading ranges. The Nasd averages led the way lower with the COMPQ and the NDX declining .80% and .81% respectively. The SPX lost .66%. Volume was mixed, according to Esignal. It was higher by 8.62% on the New York and lower by 5.22% on the Nasd. This shows distribution on the New York averages. Leading stocks held up better than the overall market with the leaders index falling only .09%. The index closed in the upper half of its trading range on lower and below average volume. The market actually held up fairly well today. The decline wasn’t to large and came after a good advance. Most of the decline came after cold water was thrown on the prospects for a stimulus deal before the election. Leading stocks continue to act well and outperform the overall market. This is positive. We face a lot of uncertainty right now with earnings season getting into full swing and the election less than three weeks away. Right now the market is acting pretty well and the long side is the place to be. Jerry
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