The market put in a disappointing performance today. The major averages opened slightly higher but then bounced around unchanged most of the day. The Nasd averages finished with small gains as the COMPQ and the NDX were higher by .13% and .05% respectively. The New York averages were a bit lower with the SPX losing .16%. Volume was lower across the board. Leading stocks were mixed with the leaders index declining .47% on the day, while other ETF’s of leading growth stocks were slightly higher. The leaders index closed in about the middle of its trading range on lower and below average volume. After a big decline you want to look to the quality of the bounce to get some idea of market direction. There was no bounce today. The major averages struggled all day and couldn’t produce any gains. This is not an encouraging sign and usually points to lower prices in the short term. I still think the intermediate to longer term are still positive, but recent action shows increased stress in the market. Somewhat lower prices in the short term are likely. Jerry
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