The market put in a mixed performance again today, but this time it was the New York averages that outperformed. The major averages were higher early but there was late selling, seemingly on news of a veto of the defense bill. All the major averages closed at or very near the bottom of their intraday trading ranges. The Nasd averages finished lower with the COMPQ and the NDX declining .29% and .51% respectively. The SPX was higher by a slight .07%. The greatest strength was again in the small and mid-cap stocks. The RUT gained .87% and the MID was higher by .86%. Volume was mixed. It was lower by 4.77% on the New York and higher by 25.55% on the Nasd. The higher volume on the COMPQ combined with the lower price produced a new distribution day on the COMPQ. Leading stocks sold off with the leaders index falling 2.27% on the day. The index closed low in its trading range on lower and very light volume. It remains above its short term moving averages. The market had a slightly positive session going until late selling came in and drove all the major averages to close at their lows of the day. There was pretty heavy volume in the decline in the Nasd averages and that should be watched. The distribution count is still not at levels that would cause real concern, but as I have said before there are a good number of yellow flags out there. We should be ok through the end of the year, after that we will have to see what happens. There will be no update tomorrow. I hope everyone has a good Christmas. Jerry
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