The market closed mixed after an overall disappointing session. The major averages opened with some solid gains and it looked like there could be a bounce today. It didn’t last as selling came in and all the major averages finished near their intraday trading lows. The close was mixed as the COMPQ and the NDX closed higher by .25% and .16% respectively. The SPX lost .21%. Volume was lower across the board. Leading stocks outperformed the overall market with the leaders index gaining .86%. The index closed in about the middle of its trading range on higher but still below average volume. The market looked like it could stage a rally early, but again it didn’t last. The major averages finished mixed, but the reversal of early good gains is not encouraging. The SPX traded below its June low, along with the other New York averages. The market is having trouble staging any kind of a rally after the recent strong decline, and that is a negative. We are short term oversold so there could be a minor rally anytime, but the final low is not in. Jerry
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