The market took a hit today as there was broad selling. The major averages opened lower and worked their way down most of the day. A little late buying saw the major averages finish off their absolute lows, but still low in their intraday trading ranges. The COMPQ and the NDX fell 1.65% and 1.80% respectively. The SPX lost 1.02%. Volume was mixed, higher on the Nasd and lower on the New York. Leading stocks were hit pretty hard as well, with several ETFs of leading growth stocks selling off. The leaders index held up pretty well due to strength in a couple of components. The index declined .57% on the day and finished in the upper half of its trading range. Volume was higher and slightly above average. The index bounced off its short term 9dma. It was a pretty ugly session overall as selling in big cap tech stocks leading the way down The Nasd averages took the worst of it as quality growth stocks took a hit. The Nasd averages got a new distribution day while the New York averages avoided one. The Nasd averages broke back into the consolidation area they were in before just breaking to new highs. Today’s action was a blow to the rally as real damage was done. If the rally is to continue the market should recover quickly and with some vigor. I wouldn’t start getting to negative yet, but today was not fun. Jerry
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