The market opened slightly lower today and traded in the minus column most of the day. The major averages finished a bit lower with the COMPQ holding up best with a decline of .14% while The SPY fell .31%. Volume was mixed, lower on the Nasd and higher on the New York. This produced distribution days on the New York averages. Leading stocks did a bit better than the overall market as the leaders index rose .39% on very low volume. The index remains below it’s important 17dma and this moving average is now proving to be significant resistance. The market is waiting for the Fed announcement tomorrow. It will be very interesting to see how the market reacts. Jerry
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