The market had a bit of a reversal today. The major averages opened higher and rallied to solid gains early. A couple of hours into trading the major averages turned lower and spent the rest of the session selling off. The decline was fairly mild, with the COMPQ finishing lower by .22% and the SPX losing .17%. Both sold off into the close and finished at their intraday lows. This may be a sign of nervousness before the vote tomorrow. Volume was lower across the board, showing that large institutional players were not heavily involved today. Leading stocks were slightly lower as well with the leaders index declining .20% and closing slightly below the mid point of it’s intraday trading range. Volume was higher than yesterday but still below average. This was enough to produce a distribution day on the leaders index. It again closed right on it’s short term 9dma. It seems that few are willing to make any bets before the vote in England tomorrow. We likely will not see any meaningful activity until Friday. Jerry
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