The market opened lower today and after a couple of rally attempts that fizzled the major averages sold off into the close. They finished at the lows of the session with the NYA leading the decline by falling .50% while the COMPQ fell .24%. Volume was lower across the board so we avoided a distribution day. Another distribution day fell of the COMPQ, leaving a count of three. Leading stocks fell a little more than the overall market as the leaders index dropped .84% on lower and slightly below average volume. The index remains well above it’s important moving averages. Many quality stocks took hits today, but volume in most was pretty light and little damage was done in the charts. After a few days of solid advances it is to be expected that leading stocks and the major averages would take a break as they did today. The charts still look good and today’s pull back looks orderly. We even had some breakouts, like NQ, on a down session. The rally looks like it is in good shape and there are a good number of attractive stocks to invest in. Jerry
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