The market didn’t stage much of a bounce today after yesterday’s selling. The major averages opened little changes and bounced around unchanged most of the session. Some late buying came in and the major averages finished high in their intraday trading ranges with moderate price gains. The Nasd averages led the way with The COMPQ and the NDX gaining .40% and .52% respectively. The SPX rallied .14%. Volume was lower across the board, showing that large institutional players were not heavily involved in the market today. Leading stocks were stronger than the overall market with the leaders index gaining .80% on the day. The index closed high in its trading range on lower and below average volume. It would have been good to see a nice bounce today after the sell off yesterday, but it didn’t happen. It was a modest up day on lower volume. That is not particularly encouraging. It looks like there is some more work to do in the short term and likely more choppy action ahead. The employment report comes out on Friday and the CPI and PPI next week. All are potential market movers and will set the tone near term. Jerry
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