The market weakness continued today as the major averages opened lower and were down the entire session. All the major averages finished near the bottom of their intraday trading ranges, showing selling into the close. The Nasd averages took the worst of it with the COMPQ and the NDX falling 1.37% and1.17% respectively. The SPX declined .84%. Volume was higher across the board. It gained 10.41% on the Nasd and 4.41% on the New York. Leading stocks were hit as well with the leaders index falling 1.90% on the day. The index closed in the lower half of its trading range on higher but below average volume. The market is showing real weakness right now. The continued declines on higher volume show that large institutional players wee selling stocks again today. There isn’t much support on the charts of the major averages before they get to the June lows. This is the line in the sand right now. If the market can’t hold this level it could go quite a bit lower. Jerry
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