After opening higher and setting new intraday highs the major averages sold off and spent most of the remainder of the session in negative territory. They recovered some of the declines and all the major averages finished in about the middle of their intraday trading ranges. The COMPQ and the NDX fell .25% and .23% respectively. The SPX held up better with a decline of .03%. Volume was higher across the board. It gained 21.98% on the Nasd and 6.29% on the New York. The higher volume along with the price declines produced a new distribution day on the Nasd averages. Leading stocks were lower as well with the leaders index falling by .99%. The index made a new intraday high early and finished in the lower half of its trading range. Volume was lower, just what you want to see on a pullback. The market took a rest today and had relatively modest losses. The strong volume on the Nasd is not what you want to see on a pullback, but the overall distribution count remains low. There really isn’t a lot to say today that was different from what I have been saying recently. The major averages and leading stocks are still acting alright and while we are stretched we have not likely seen the top yet. Jerry
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