The market had a bit of a reversal to the downside today. There was early strength and the major averages showed solid gains. With a couple of hours of trading left the major averages started selling off, losing all or most of the gains. The SPX finished with a small gain of .13% while the COMPQ finished with a loss of .14%. They both closed very near their intraday trading lows. The late support they have seen in recent days was not there today. Volume was higher across the board. This produced a stalling distribution day on the SPX. The COMPQ avoided stalling by closing lower on the session. Leading stocks were higher, but underperformed the major averages. The leaders index was higher by .07% and closed about in the middle of it’s intraday range. Volume was higher but still well below average. The index is still rising above it’s short term 9dma. Today’s action was different than we have seen recently. Instead of a weak open and a strong close we had a strong open and a weak close. One day’s action can rarely change a trend and the short term trend still appears to be up. Jerry
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