The market opened higher today and then reversed lower. The major averages had solid gains early but selling came in and they all sold off into the close. All the major averages finished near their intraday trading lows. The COMPQ and the NDX lost .89% and 1.02% respectively. The SPX declined .41%. Volume was higher across the board, according to ToS. It gained 6.62% on the Nasd and .09% on the New York. The change on the New York volume was small enough that other data feeds could have a different number. The price declines and higher volume produced distribution on the major averages. Leading stocks were slightly higher on the day with the leaders index gaining .56% on the day. The index closed in the upper half of its trading range on lower but still above average volume. The market tried to rally early today but some stronger than expected economic data revived fears that the Fed wouldn’t back off rate increases. The Fed announcement is tomorrow and while 75 basis points is pretty much baked in the press conference could produce market moving information. Tomorrow should be more interesting. Jerry
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