The market sold off today with the major averages off about a half of one percent. They sold off into the close and finished at the lows of the day. Volume was higher across the board and produced distribution on all the major averages. Leading stocks sold off a bit less than the overall market with the leaders index down .36% on heavier volume. This was distribution on the leaders index as well. The COMPQ tagged it’s 200dma today and was turned back. The New York averages have been unable to break above their 50dma’s. Two distribution days in a row right after an FTD is very negative for a rally attempt and if this one is going to fail quickly this would be a logical place for it to do so. Jerry
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