The market took a break today after a couple of sessions of strong gains. The major averages opened moderately lower and traded around unchanged most of the day. Late selling came in and all the major averages finished low in their intraday trading ranges. The COMPQ and the NDX lost 1.12% and .98% respectively. The SPX declined .89%. Volume was lower across the board, so there was no distribution. Leading stocks did better than the overall market. The leaders index declined only .10% on the day. The index closed in the lower half of its trading range on lower and below average volume. The market actually acted pretty good today overall. The major averages held firm until some late selling came in. The declines were pretty modest compared to the gains of the last two sessions. Volume was also considerably lower, showing that large institutional players were not heavy sellers of stocks. The decline today was pretty orderly and looks normal after an advance. It still looks like there could be a short term tradable rally here, but I don’t know how strong it will be. Jerry
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