The market sold off today with moderate declines. The major averages sold off early, but regained a good part of the declines by the close. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX fell .20% and .17% respectively. The SPX declined .32%. Volume was mixed, higher on the Nasd and lower on the New York. Leading stocks were mixed. The leaders index was off by 1.55% on the day, but other ETFs of leading stocks did better. The index closed high in its trading range on lower and below average volume. The market was weak today, but the damage was limited. The declines were small and late strength insured the price declines did limited damage. The close high in the intraday trading ranges were also encouraging. Volume was higher on the Nasd, but not by much. It produced distribution, but large institutional players were not heavy sellers. The charts of the major averages and the leaders index still look good and there are few dark clouds overhead. The high number of distribution days on the SPX is something to watch, but the number is much lower in the Market School model. Overall the picture still looks good and I don’t think we have seen the top yet. Jerry
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