It was a bit of a mixed session but overall it was a negative day. The major averages opened lower and sold off to significant losses. The major averages found a bottom and recovered a lot of the early losses. The major averages all finished in the upper half of their intraday trading ranges. The Nasd averages took the worst of it with the COMPQ and the NDX losing 2.35% and 2.20% respectively. The SPX declined .81%. Volume was higher across the board. It gained 4.20% on the Nasd and 15.21% on the New York. Leading stocks were lower as well with the leaders index declining 1.24% on the day. Volume was higher and about average and the index closed in the upper half of its trading range. The market showed a lot of weakness today, but it seems like it is trying to rally, but just can’t. A couple of the short term indicators I look at have turned up, but we have seen that before recently. The Nasd averages had their lowest closing prices today, but held above their intraday lows. There are some signs that the market is trying to stage some kind of rally, but so far it is a pretty weak result. There may be some moderate upside action and a small rally to signal the end of the second leg of the bear market, but the overall picture is that the bear market is still in full force and we will see lower prices before it is over. Jerry
Reply With Quote