The market stumbled around today before finishing with some declines. The most weakness was in the Nasd averages with the COMPQ and the NDX falling 1.54% and 1.45% respectively. The SPX declined .83%. All the major averages closed low in their intraday trading ranges. Volume declined across the board today by quite a bit. This showed that large institutional players were not selling much today. Leading stocks were lower as well with the leaders index falling 2.10% on the day. The index closed low in its trading range on higher but below average volume. The market pulled back today after its advance last week. The action today wasn’t to bad as the pullback was moderate and volume was a lot lower than yesterday. You would expect some pull back or consolidation after a big advance like we saw last week and so far it has been pretty orderly. There isn’t much of anything out there lighting any fires, but the rally is still in effect. So far no weekly Coppock signal this week and that is a concern. There isn’t much in the way of market moving news the rest of the week so we will have to see how it finished up. Jerry
Reply With Quote