The market put in an overall disappointing session today. The major averages opened with solid gains, but they didn’t last long. After about an hour of trading selling came in and the major averages sold off most of the remainder of the day. All the major averages finished low in their intraday trading ranges, but still in positive territory. The COMPQ and the NDX were higher by .40% and .41% respectively. The SPX gained .31%. Volume was higher across the board. It gained 14.2% on the Nasd and 14.61% on the New York. Leading stocks were mixed with the leaders index declining .95% on the day. The index closed just below the middle of its trading range on higher volume. The market showed overall negative action today. It opened strong and lost most of the gains before. Strong opens and weak closes is the mark of a market that wants to go lower. The market is still unable to build on its current rally attempt and the longer this goes on the greater the chances that the eventual resolution will be to the downside. This is a market to treat very gingerly. Jerry
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