The market sold off early and spent most of the rest of the day climbing back. The major averages closed near their highs of the day and in positive territory for the COMPQ. The New York averages didn’t make it back to positive territory and closed down on he day. Volume rose across the board as would be expected after a holiday shortened session. This produced a distribution day on the New York averages. A distribution day on the first day after an FTD usually means that the FTD will fail. Leading stocks were about unchanged on the day as the leaders index declined .02% on higher volume. The major averages remain below the important moving averages just above their current price levels so we will have to wait and see if they can get back above them. Jerry
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