The market started out with sizable losses early but regained a good deal of them. The major averages opened lower but with a lot of ups and downs mostly worked their way higher. All the major averages finished high in their intraday trading ranges. The declines were mostly from the gap downs at the open. The COMPQ and the NDX fell .95% and 1.10% respectively. The SPX lost .43%. Volume was lower across the board. It fell 5.30% on the Nasd and 12.36% on the New York. Leading stocks were mixed but mostly little changed. The leaders index was flat with a gain of .01% on the day. The index closed near the top of its trading range on higher but still below average volume. The market started off weak today, but some support came in and much of the early losses were recovered. It was still overall a negative session as the market could not build on yesterday’s gains. Volume continued to decline as large institutional players continued to mostly sit on the sidelines. Nothing in today’s action did anything to change the overall picture. We are likely to see lower prices before this ends. Jerry
Reply With Quote