The market didn’t do much of anything today. The major averages opened mildly lower and traded in a tight range all day. The major averages finished low in their intraday trading ranges. The COMPQ fell .12% while the NDX was higher by only .04%. The SPX fell .21%. Volume was mildly higher across the board. This produced a distribution day on the SPX. The decline in the COMPQ was to small to qualify. Leading stocks were a little higher with the leaders index gaining .27% on the session. The index closed in the upper half of its trading range on lower and below average volume. After a bad session yesterday the market was not able to put in much of a bounce. There were some individual stocks acting ok, but the market overall couldn’t do much of anything. Earnings reports were mixed, but could affect the market, but right now there isn’t a lot looking encouraging. We are still in the early phases of this correction. Jerry
Reply With Quote