The market bounced around today and ended slightly lower. The major averages opened little changed and spent most of the day bouncing around. The Fed announcement had few surprises and the market rallied and then sold off into the close. All the major averages finished near their intraday trading lows. The Nasd averages were the weakest with the COMPQ and the NDX declining .28% and .42% respectively. The SPX was about flat with a decline of .08%. Volume was mixed. It rose 2.47% on the New York and declined 2.39% on the Nasd. The lower volume on the Nasd prevented another distribution day. Leading stocks were a little weak as well with the leaders index falling .62% on the day. The index closed in about the middle of its trading range on lower and below average volume. The market muddled through a big day today. The Fed announcement caused volatility but in the end didn’t change much. Yesterday’s earning announcements also didn’t move the market. Today there were three important tech companies reporting and the market is reacting well to the earnings reports of AAPL,FB, and QCOM. Futures are trading higher at the time of this writing. The market isn’t acting as well as I thought it might after the base breakout in the COMPQ. The odds still favor the market working its way higher in the short term, but the market is struggling to make any real progress. There will be no updates tomorrow or Friday. They will resume on Monday. Jerry
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