The market started off with solid gains today but quickly lost them, in line with recent action. After spending much of the afternoon in negative territory a small late rally left the major averages with small gains on the day. Volume was mixed, slightly lower on the Nasd and up a bit on the NYSE. The Compq bounced off it's 200dma for the third day in a row and the New York averages remain below their 50dma's. Leading stocks had a rough day again as there was sloppy action in many issues. The leaders index fell 1.73% on very high volume and a wide intraday range. The 17dma is at the 50dma and will likely break below it tomorrow. After a sell off an important thing to look at is the quality of the bounce. We have yet to see much quality in this bounce attempt. I will be away a few days, the updates will resume next week. Jerry
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