The market sold off today mostly on bank stock worries and lower energy prices. The major averages opened lower and sold off pretty hard. Late buying saw them close off their lows but still in the lower half of their intraday trading ranges. The COMPQ and the NDX lost 1.08% and .89% respectively. The SPX declined 1.16%. Volume was higher across the board, showing that large institutional players were selling stocks today. It also added a new distribution day on all the major averages. Leading stocks were weaker as well with the leaders index falling 2.38% on the day. The index closed low in its trading range on higher and above average volume. The market sold off today on weakness in financials and lower energy prices. Leading stocks sold off as well but the leaders index held on the 50dma support level. There was real selling today and the short term trend appears to be lower. There is a lot of news in the next three days and that will effect the market, but the market looks weak right now and will likely work its way lower in the near term. Jerry
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