The market had a mixed session today, but overall it wasn’t anything to get to excited about. There was a divergence in the major averages. The Nasd averages were higher with the COMPQ and NDX gaining .64% and .82% respectively. Both closed in the upper half of their intraday trading ranges. The New York averages closed lower with the SPX declining .30% on the day. It closed low in its trading range. Volume was lower across the board. It fell .79% on the New York and 4.82% on the Nasd. The New York averages thus avoided distribution. Leading stocks were higher on the session with the leaders index gaining .63% on the day. The index closed in the upper half of its trading range on higher but below average volume. The index tried to regain its 17dma but was not able to do so. The session today didn’t do much to improve the picture. The New York averages were lower and the Nasd averages advanced but on lower volume than they sold off on yesterday. MSFT reported after the close and the stock is trading lower in the aftermarket. The futures on the major averages are also lower as of this writing. With a lot more important earnings reports coming out later in the week and the election next week it will be hard for the market to really advance. Right now a good degree of caution is warranted. Jerry
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