The market had another weak session today. The major averages opened lower and after a timid attempt to get into positive territory sold off into the close. All the major averages finished near their intraday lows, a sign of weakness. The SPX led the way down with a loss of .42% while the COMPQ declined .39%. Volume was lower across the board so there was no distribution on the session. Leading stocks had a negative day as well with the leaders index falling 1.02% on lower and well below average volume. The index closed below it’s important 17dma so it broke below a level that has provided support. The relative strength line of the index has been in a down trend for two weeks now. There really isn’t a lot new to say. The overall market and quality growth stocks have been in a trendless consolidation for for months and show no signs of breaking out of it in either direction. I see no reason to be either long or short right now. Jerry
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