The market was pretty weak today. The major averages opened lower and mostly worked their was down the rest of the day. All the major averages closed low in their intraday trading ranges. The Nasd averages were the weakest with the COMPQ and the NDX losing .98% and .96% respectively. The SPX declined .53%. Semiconductors took the biggest hit with the SOX declining 2.52%. Volume was slightly lower across the board. It fell .44% on the New York and 1.36% on the Nasd. Leading stocks sold off as well with the leaders index falling 1.35% on the session. The index fell below its short term support at the 9dma but closed high in its trading range. Volume was also slightly lower. There was a lot of weakness today and some moderate damage was done. Many recent breakouts are not working and making progress is difficult. There was real selling today, but we avoided a distribution day, if only by a hair. The leaders index is beginning to look like it is struggling a bit. The relative strength line is again coming down near its 50dma. A break of this support would be negative. The market is acting a little sloppy and while the overall trend is still up, watching sell points is likely a good idea. Jerry
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