The market was down most of the day and after a late rally attempt failed it sold off into the close. The major averages closed near the lows of the day and volume was mixed, higher on the NYSE and lower on the Nasd. This produced distribution on the New York averages. The COMPQ and SPX came close to their 50dma's and were turned back. This important moving average is providing tough resistance and the market will not get anywhere unless it can break above it with conviction. The leaders declined also but less than the overall market with the leaders index declining .29% on weak volume. The rally attempt after Tuesday's reversal seems to be running into trouble and next weeks action will tell a lot about where it is going. Jerry
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