The market put in an overall disappointing session today. The major averages opened little changed and bounced around most of the session. The Nasd averages closed little changes with the COMPQ flat and the NDX higher by .10%. The New York averages were weaker as the SPX fell .38%. The New York averages finished in the upper half of their intraday trading ranges while the Nasd averages closed low in their trading ranges. Volume was littler changes. It was higher by 5.65% on the New York and 2.81% on the Nasd. This produced distribution on the New York averages. Leading stocks were slightly lower as well with the leaders index declining .51% on the day. The index closed low in its trading range on lower and below average volume. After the large declines we saw at the end of last week you would want to see a solid bounce. We didn’t get that today. The market was weak the entire session and closed mostly lower. A market that can’t bounce back after a decline is a market that wants to go lower. The rally is not officially dead until it takes out the low of the rally day, but this one is about as close as you can get to that. Anyone who bought stocks during this rally attempt is likely underwater. I expect to see lower prices ahead. Jerry
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