The market put in another disappointing performance today. After opening slightly lower the major averages mostly worked their way lower the rest of the session, finishing low in their intraday trading ranges. The COMPQ and the NDX fell .66% and .86% respectively. The SPX declined .47%. Volume climbed across the board, so there were new distribution days in all these averages. Leading stocks actually performed pretty well today with the leaders index gaining 1.63% on the day. ETFs of leading growth stocks were also higher. Today’s action was a new high for the leaders index on a closing price basis. The relative strength line also made a new high. The market acted pretty poorly again today. The major averages were in negative territory most of the day and closed weak. Higher volume showed that large institutional players were selling today and added new distribution. A couple of Fed officials spoke today and indicated that rates will go higher than the market seems to be discounting. Recent action is pretty negative and short term indicators are still pointing down. We will likely see lower prices in the short term. Jerry
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