The market put in a mixed performance today. The major averages were mostly lower today, but the Nasd averages took the worst of it. They opened lower and the New York averages finished low in their trading ranges while the Nasd averages finished high in their trading ranges. The COMPQ and the NDX declined by .52% and .81% respectively, but were lower during the session. The SPX lost .28%. Volume was higher across the board. It rose 10.09% on the New York and 16.40% on the Nasd. That combined with the price declines produced new distribution days on all the major averages. Leading stocks sold off as well with growth stocks out of favor today. The leaders index declined 1.25% on the day and closed just below the midpoint of its trading range. Volume was higher but below average. The market was mixed today with growth stocks generally weak. Energy stocks rose and financials were higher due to the steepening of the yield curve. The caused gains in the INDU and the small cap stocks. The higher volume showed that there was selling by large institutional players and the distribution count is getting pretty high. While there was weakness in quality growth stocks there was some clear accumulation under the surface. It is a tough market to make any progress in, but right now the weight of the evidence seems to point to somewhat higher prices in at least the short term. Jerry
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