The market took a break today and pulled back in a fairly orderly manner. The major averages opened lower and mostly worked their way down the rest of the day. The Nasd averages were the weakest as growth and tech stocks mostly sold off. The COMPQ and the NDX fell 1.21% and 1.10% respectively. The SPX declined .63%. Volume was lower across the board. It fell 9.64% on the Nasd and 15.60% on the New York. Leading stocks were lower as well with the leaders index falling .36% on the day. The index closed low in its trading range on much lower and below average volume. The market took a break today after its recent advance. The declines were mostly moderate and the lower volume means that there was no distribution on any of the major averages. The only real issue today is that the NDX lost its 200dma that it overcame yesterday. This must be watched, but is not by itself reason enough for serious concern. Right now the rally appears to be on solid ground. Jerry
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