The market got hit hard today and gave up all of yesterday’s gains and then some. The major averages opened significantly lower and stayed weak all day. All the major averages finished low in their intraday trading ranges. The Nasd averages were hit the hardest with the COMPQ and the NDX losing 4.08% and 4.02% respectively. The SPX declined 3.25%. Volume was higher across the board. It gained 6.28% on the Nasd and 2.04% on the New York. Leading stocks were hit hard as well with the leaders index losing 5.08% on the day. The index closed low in its trading range and broke below the important 50dma. Volume was higher and above average. The market reversed yesterday’s gains and made new lows for the bear market. The losses were large and volume was higher. This showed that large institutional players were selling stocks today. There was some weak economic news today but the market is showing unusual weakness right now. It couldn’t build on yesterday’s rally at all. Nothing is working right now and there is no reason to be playing around in this market now. Jerry
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